Continental believes Bakken core is expanding

By Staff | April 30, 2019

Continental Resources has great news for shareholders focused on the exploration and production company’s Bakken resources. In Q1, Continental completed three strategic step-out wells in North Dakota and Montana that were part of its extended portions leaseholds. Using optimized completion designs, the wells outperformed legacy wells in the area by roughly 110 percent, according to the company.

"These strategic step-outs provide further proof that our optimized completion technology is uplifting well performance across all of our Bakken leasehold, even into Montana. This is great news for our shareholders as the value of our Bakken inventory of approximately 4,000 wells continues to grow," said Jack Stark, president.

The three step-out wells were in eastern Montana and in the North Dakota counties of southern Billings and eastern Williams. Across the Bakken, Continental holds nearly 800,000 reservoir acres.

In Oklahoma, Continental also posted positive production results with its Project Springboard. After recording 14,000 bopd in the first 28 days of April this year, the company now moved its overall oil production from the project to 18,000 bopd for the third quarter. The company originally believed it would produce 16,500 bopd. According to the company, cycle time improvements and higher early time well production were the main factors for the production raises.