Bakken Crude Estimates Doubled
Continental Resources (NYSE:CLR) Revises Crude Projections
The Bakken just keeps on giving. After revealing well results on Monday, Continental Resources Inc. (NYSE: CLR) stated that the Bakken shale might hold as much as 57 percent more crude than earlier projections.
Continental Resources is the largest owner of oil-drilling rights in the Bakken Shale. In the statement, the company announced that the Bakken could be harboring up to 903 billion barrels of oil against 2010 estimates of 577 billion.
The revision owes much to the company’s success in tapping into a deeper geological stratum of the Three Forks zone.
This new development at the Charlotte 3-22H well comes right after an October discovery—the South Central Oklahoma Oil Province—which could add up to 1.8 million barrels to Continental’s reserves in the near future.
“The results are very encouraging and indicate that there may be an upside to our estimate of 24 billion barrels of oil equivalent of recoverable reserves for the Bakken field,” Jack Stark, Continental’s senior vice president of exploration, said in the statement.
Continental shares rose more than 4 percent on Monday following the news, and they were up again 2.63 percent on Wednesday to $74.23. Shares have gained over 10 percent so far this year.