Continental Resources, Inc., the third largest oil producer in the Rocky Mountains, recently announced the results of its Mathistad 2-35H test in the North Dakota Bakken. Based on the successful test, the Company believes there are two separate reservoir objectives under half of its 439,000 net acres in the North Dakota Bakken. The flowing production from the Mathistad 2-35H was more than four times the current production on pump of the Mathistad 1-35H directly below it, indicating an exceptionally strong well.
Jeff Hume, Chief Operating Officer of Continental Resources, says that even without the recent discovery, the company has had a great year, posting $940 million in oil and natural gas sales for 2008—a 55% increase from the previous year.
Continental Resources is also touting its newly unveiled plan to use Eco-PadTM technology, which will enable to company to drill up to four horizontal wells from a single seven-acre drilling location. To read the full article by Korina Cornish, go to page 82 of the digital magazine.
Continental Resources was recently featured alongside GMX Resources, Inc. (NASDAQ: GMXR), FX Energy, Inc. (NASDAQ:FWEN), Doral Energy Corp. (OTCBB:DEGY) and EnerJex Resources (OTCBB:ENRJ) in the September 2009 issue of EQUITIES Magazine.
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