Continental Resources Enters Into Natural Gas Fixed Price Swaps
June 15 2009 - 3:20PM
PR Newswire (US)
ENID, Okla., June 15 /PRNewswire-FirstCall/ -- Continental
Resources, Inc. (NYSE:CLR) today announced that it has entered into
natural gas fixed price and basis swaps for 600,000 MMBtu at an
average price of $5.27 for December 2009 and for 600,000 MMBtu per
month at an average price of $5.68 for calendar 2010. These hedges
were put in place to underpin the Company's current and expected
level of operations in the Arkoma Woodford play in southeastern
Oklahoma. (Logo:
http://www.newscom.com/cgi-bin/prnh/20080505/LAM014LOGO)
Continental reported total natural gas production of 5,524 MMcf for
the first quarter ended March 31, 2009, which constituted 28
percent of its total crude oil and natural gas production. The
Company's crude oil production remains unhedged. "Consistent with
our growth strategy, we chose to secure a predictable cash flow
stream on about a third of our natural gas production through 2010.
This provides additional flexibility in terms of how we can develop
our highest priority unconventional shale plays," said Harold Hamm,
Chairman and Chief Executive Officer. "Crude oil production remains
our primary focus. We expect to see continued pricing strength on
that side of the equation, given our outlook on U.S. supply and
demand fundamentals," he said. Continental Resources is a crude-oil
concentrated, independent oil and natural gas exploration and
production company with operations in the Rocky Mountain,
Mid-Continent and Gulf Coast regions of the United States. The
Company focuses its operations in large new and developing plays
where horizontal drilling, advanced fracture stimulation and
enhanced recovery technologies provide the means to economically
develop and produce oil and natural gas reserves from
unconventional formations. CONTACT: Continental Resources, Inc. J.
Warren Henry Brian Engel Investors Media (580) 548-5127 (580)
249-4731 http://www.newscom.com/cgi-bin/prnh/20080505/LAM014LOGO
http://photoarchive.ap.org/ DATASOURCE: Continental Resources
CONTACT: Investors, J. Warren Henry, +1-580-548-5127, or Media,
Brian Engel, +1-580-249-4731, both of Continental Resources Web
Site: http://www.contres.com/
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