Continental Resources takes off

Posted by bakkenexpert

Continental Resources (CLR) today announced initial results from its Mathistad 1-35H well completed in the Three Forks/Sanish formation in the North Dakota Bakken Shale area. The well is yielding an impressive average rate of 1,095 barrels of crude oil equivalent per day (unhedged this is $130,000 in revenue per day), with 90 percent of production being crude oil and 10 percent natural gas. This data lends hope that the Three Forks/Sanish area may be a separate reservoir with greater reserves than originally anticipated. As i have stated before, all it takes is some positive news to send a bakken play off to the races and we see that with CLR this morning. The stock is up almost 12% around $73 per share sending it within striking distance of a 52 week high. As listed in our previous confidential rig report, Continental has more than 30 well prospects in the area and there is now evidence that these could be VERY lucrative.

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Tags: bakken play CLR new find sanish three forks