By OGJ editors
HOUSTON, June 27 -- Newly public Continental Resources Inc., Enid, Okla., estimated its yearend 2007 production volumes at 8,400-8,800 b/d of oil and 13.8-15 MMcfd of gas.
The company's 2007 capital budget lists $126 million in the Williston basin Red River Units, $82 million on the Oklahoma Woodford shale, $71 million in the North Dakota Bakken shale, $57 million in the Montana Bakken shale, $13 million elsewhere in the Midcontinent, $10 million elsewhere in the Rocky Mountains, and $4 million on the Gulf Coast.
Among 2007 drilling plans are 21 net wells in the Montana Bakken, 16 in the North Dakota Bakken, 8 elsewhere in the Rockies, 18 in the Oklahoma Woodford, 26 elsewhere in the Midcontinent, and 2 on the Gulf Coast.
The company also plans to drill 51 increased density wells and reenter 20 wells in the Cedar Hills and Medicine Pole Hills Red River units to accelerate production and improve sweep efficiency of the high pressure air injection and waterflood operations.
The company is completing development on 640-acre spacing in the Montana Bakken shale play and testing the productivity of 320-acre infill wells and 640-acre trilateral wells in the north part of the field.
Continental Resources holds 288,000 and 44,000 net undeveloped acres, respectively, in the emerging North Dakota Bakken shale and Oklahoma Woodford shale plays. It has drilled relatively few wells in the plays.
Reserve estimates in the two plays are uncertain, but the company is using average gross per-well reserves of 315,000 boe in North Dakota and 3 bcfe in the Woodford for economic modeling.
