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Continental Resources increases capital budget

OGJ editors
HOUSTON, July 10
-- Continental Resources Inc. increased its capital expenditure budget to $1.3 billion from $850 million to accelerate its drilling program and to increase its acreage positions in US shale plays, the company said July 9. Continental is based in Enid, Okla.

Harold Hamm, Continental chairman and chief executive officer, said the company plans to increase its holdings in oil-rich and liquids-rich shale plays, focusing on the Bakken of North Dakota and Montana, the Anadarko Woodford shale in western Oklahoma, and the Niobrara shale in Colorado and Wyoming.

"We currently have a total of 26 operated rigs, with 18 of those drilling rigs in the Bakken,” Hamm said. “We plan to increase the number in the Bakken by yearend. We are operating three rigs in the Anadarko Woodford, and we continue to see encouraging results there, as well. We plan to increase our Anadarko rig count by yearend also."

Continental has 806,576 net acres leased in the Bakken and 233,321 net acres in the Anadarko Woodford. Continental has 59,071 net acres leased in the Niobrara and plans to spud its first well in the play by yearend.

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