Bakken Field Produces First Billion Barrels of Oil
Continental Resources, Inc. (NYSE: CLR) ("Continental" or the "Company") announced the Bakken field of North Dakota and Montana recently reached the milestone of 1 billion barrels of light, sweet crude oil produced.
According to data from IHS, the Bakken's cumulative oil production reached the billion barrel mark in the First Quarter of 2014.
"This milestone validates the immense potential of the Bakken field and development is just beginning," said Jack Stark, Senior Vice President of Exploration for Continental. "Two-thirds of this oil was produced in the last three years. This is something our country can celebrate as the oil and natural gas industry continues to create jobs, grow our economy and secure America's energy future."
Horizontal drilling technology has spurred the discovery of vast new resources of oil in America. Much of this potential has yet to be accounted for in our nation's proved reserves of crude oil. The Bakken field alone appears to be the largest oil field discovered in the world in more than 40 years. Continental is the largest producer, driller and leaseholder in the Bakken field.
About Continental Resources
Continental Resources (NYSE: CLR) is a Top 10 independent oil producer in the United States. Based in Oklahoma City, Continental is the largest leaseholder and producer in the nation's premier oil field, the Bakken play of North Dakota and Montana. The Company also has significant positions in Oklahoma, including its recently discovered SCOOP play and the Northwest Cana play. With a focus on the exploration and production of oil, Continental is on a mission to unlock the technology and resources vital to American energy security. In 2014, the Company will celebrate 47 years of operation.