Category Archives: South Central Oklahoma Oil Province

Continental Resources announces further budget cuts | Bakken.com – Zach Koppang

Continental Resources (NYSE: CLR) has recently announced its plans to further cut its capital expenditures for the upcoming year but also projects the activity will increase production growth by up to 20 percent when compared to last year.Last month the company announced it would be cutting its budget from $5.2 billion to $4.6 billion. However, those figures have been updated and expenditures will now be cut from $4.6 billion to $2.7 billion. Since the summer, oil prices have dropped by nearly 50 percent with this month seeing prices hovering around $60 per barrel. Continental Chairman and Chief Executive Officer Harold Hamm said, “This revised budget prudently aligns our capital expenditures to lower commodity prices, targeting cash flow neutrality by mid-year 2015.”Additionally, the company plans to decrease its current operating rig count from 50 to about 34 by the end of the first quarter of 2015. Continental plans to keep 31 rigs in operation for the full year. Of these rigs, only 11 will be operating in North Dakota’s Bakken formation. Four of the remaining rigs will be operating in the Northwest Cana area of the Anadarko Woodford formation, and 16 will be operating in the South-Central Oklahoma Oil Province (SCOOP).

via Continental Resources announces further budget cuts | bakken.com.

Bakken: Staying the course

Continental Resources plans to stick with its original goal of tripling production and reserves over five years, even though the Oklahoma-based company apparently now has the resources to far exceed the aggressive target it established less than two years ago.

The company’s original plan to drive production to 300,000 barrels of oil equivalent per day by year-end 2017 was based entirely on anticipated output from the Williston Basin’s Middle Bakken and the first bench of the Three Forks formation.

But a lot has transpired on the exploration front since Continental announced its five-year plan in October 2012.

For one, Continental recently established that the lower benches of the Three Forks also are commercial. Moreover, its Oklahoma SCOOP shale play, little more than a good idea two years ago, is said to be as competitive as the Bakken petroleum system.

via PN Bakken: Staying the course – March 16, 2014 – Petroleum News.

America’s Oil Boom Is Fueling Growth at Continental Resources Inc. (CLR)

The oil keeps flowing for Continental Resources  (NYSE: CLR  ) . The Bakken Shale-focused driller grew its production by 39% last year. On top of that the company grew its proved reserves by 38% ensuring that its oil will continue to flow for years to come. Let’s take a closer look at the company’s success in 2013 as well as at its future potential.

via America’s Oil Boom Is Fueling Growth at Continental Resources Inc. (CLR).

Why Do So Many Companies Want to Do Business in Oklahoma?

North Dakota and Texas hold two of America’s hottest oil resources plays. That’s why oil companies and investors are flocking to profit from the oil-fueled growth these two states provide. However, those aren’t the only two states benefiting from the oil boom, as more companies are now also taking a closer look at some very intriguing oil plays in Oklahoma.

via Why Do So Many Companies Want to Do Business in Oklahoma? – DailyFinance.

Oklahoma is next destination for shale revolution

Oklahoma is emerging as the next big shale oil play, with production growing faster than in any other U.S. state apart from Texas and North Dakota. Thanks in big part to shale, the state’s oil output in May, June and July hit the highest level since January 1990.

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