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.