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|Continental Resources Announces Revised 2015 Capital Budget And Guidance|
The Company plans to decrease its current average operated rig count from approximately 50 to approximately 34 by the end of first quarter 2015 and average approximately 31 operated rigs for full-year 2015. Allocation of operated rigs include 16 in the SCOOP Woodford/Springer plays, 11 in North Dakota Bakken and four in Northwest Cana, where 50% of the costs applicable to the Company's interest is being carried by a JV partner.
The revised 2015 budget is based on completing 81 net wells for the SCOOP Woodford/Springer plays with no change to previous estimated ultimate recovery ("EUR") targets. In the Bakken, the Company now expects to complete 188 net wells focused primarily in its core acreage, targeting an increased average EUR of 800,000 barrels of oil equivalent per well. In the Northwest Cana play and other areas, the Company plans to complete 11 net wells. Completed well cost estimates are expected to average at least 15% below 2014 averages as service costs adjust to lower commodity prices.
An updated table of the Company's 2015 guidance can be found at the conclusion of this release.
Additionally, the Company plans on presenting at the
About Continental Resources
Cautionary Statement for the Purpose of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements included in this press release other than statements of historical fact, including, but not limited to, statements or information concerning the Company's future operations, performance, financial condition, production and reserves, schedules, plans, timing of development, returns, budgets, costs, business strategy, objectives, and cash flow, are forward-looking statements. When used in this press release, the words "could," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," "budget," "plan," "continue," "potential," "guidance," "strategy," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on the Company's current expectations and assumptions about future events and currently available information as to the outcome and timing of future events. Although the Company believes the expectations reflected in the forward-looking statements are reasonable and based on reasonable assumptions, no assurance can be given that such expectations will be correct or achieved or that the assumptions are accurate. When considering forward-looking statements, readers should keep in mind the risk factors and other cautionary statements described under Part I, Item 1A. Risk Factors included in the Company's Annual Report on Form 10-K for the year ended
The Company cautions readers these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control, incident to the exploration for, and development, production, and sale of, crude oil and natural gas. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling, completion and production equipment and services and transportation infrastructure, environmental risks, drilling and other operating risks, lack of availability and security of computer-based systems, regulatory changes, the uncertainty inherent in estimating crude oil and natural gas reserves and in projecting future rates of production, cash flows and access to capital, the timing of development expenditures, and the other risks described under Part I, Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the year ended
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, the Company's actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company, or persons acting on its behalf, may make.
Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements to reflect events or circumstances after the date of this press release.
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SOURCE Continental Resources