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.