Continental Resources, Inc. today announced a 29 percent increase in initial production rates for fourth quarter 2009 wells completed in North Dakota's Bakken formation, compared with initial well rates for the third quarter of 2009.
Continental participated in completing 17 gross wells in North Dakota in the fourth quarter of 2009. They produced an average 980 Boepd (barrels of oil equivalent per day) during their initial seven-day test periods, compared with an average of 761 Boepd for the third quarter of 2009.
On a year-over-year basis, the 980 Boepd initial production average for these fourth quarter 2009 wells was 80 percent higher than the average of 546 Boepd for wells completed in the fourth quarter of 2008.
Continental's top producer during the period was Hendrickson 1-36H in McKenzie County which established a new single-well record for the company with initial production of 1,990 Boepd.
The Company also announced details regarding the Traxel 1-31H well completed in Mercer County, the southeastern perimeter of the Bakken play where there has been minimal drilling activity. The Traxel 1-31H was horizontally drilled and produced 71 Boepd in its initial test period. Continental said it plans to monitor activity by other operators in this part of the play before drilling additional test wells there.
In the past six months, Continental has acquired an additional 70,000 net acres in leases strategically located on the western and eastern edges of the Nesson Anticline, as well as expanding westward into Williams County. Continental currently has 483,000 net acres leased in the North Dakota Bakken.
The company increased to 12 operated rigs overall at year-end 2009, with seven of those in the North Dakota Bakken. Current plans are to increase to 23 operated rigs by mid-2010, with 15 of those in the North Dakota Bakken.
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