Continental Resources Inc. ended 2012 with proved reserves of 785 million barrels of oil equivalent, up more than 50 percent over the prior year, the company reported Wednesday. The company attributed its reserves growth to continued production growth in the Bakken Shale in North Dakota and Montana. Continental also has accelerated production in its South Central Oklahoma Oil Province. “We continue to increase our concentration in high-value, high-growth, crude oil assets, especially in the Bakken,” CEO Harold Hamm said. “We are growing the value of our Bakken assets through strategic acquisitions, exploration and the expanded use of pad drilling, which should improve efficiencies and translate into even better rates of return.” Continental produced 35.7 million barrels of oil equivalent in 2012, a 58 percent increase over the previous year. The company estimates its current production is about 116,000 barrels a day.
From Staff Reports