Niobrara Shale

Continental Resources Issues Niobrara Shale Update For Third Quarter Of 2010

Continental Resources (CLR) released an operations update on its exploration and development activities in the Western United States where the company has acreage prospective for the Niobrara Shale in Wyoming and Colorado.

Continental Resources has 73,009 net acres located in Weld County, Colorado, and in Platte, Laramie and Goshen counties in Wyoming.  The company said that it would start drilling the Newton 1-9H well in December 2010.  This is the company’s first horizontal well and is located in Weld County. 

Continental Resources plans to complete the Newton 1-9H well with a 9200 foot lateral. If the well is successful, the company plans further wells in the second quarter of 2011.

Continental Resources Issues Niobrara Shale Update

Continental Resources (CLR) held an analyst meeting on October 12, 2010, and released additional information on its activities in the Niobrara Shale. The company now has 73,000 net acres under lease in the play, with 72% of the acreage in Wyoming and the balance in Colorado.

Continental Resources estimates that the company has 228 net drilling locations assuming 320 acre spacing, with 53 million barrels oil equivalent (BOE) of potential reserves.

Continental Resources said that the company would drill the Newton 1-9H well into the Niobrara Shale in the fourth quarter of 2010. The Newton 1-9H well is located in Weld County, Colorado at the Pump House project area. Continental Resources has 14,400 net acres at this project area.