CLR's Investor Presentation, May 2013

#1 producer where it counts

• #1 producer in the Rockies (according to RMOJ)
• #1 producer in the Williston Basin (according to RMOJ)
• #1 producer in the Bakken (according to RMOJ)

Proved reserves: 785 million boe year-end 2012; 54% YOY gain

Cash margins:

• 1Q13: 74%
• 2012: 73%
• 2011: 75%
• 2010: 73%
• 2009: 69%

#1 producer, driller, and leasehold owner

• 77,000 boepd net for 1Q13
• 22 CLR operated rigs
• 3,439 locations (net unrisked potential; based on 320-acre spacing)
• 1.2 million net acres, 1Q13; 25% yoy since 1Q12

 MB +TF1: "massive field of unprecedented magnitude"

• 24 billion boe technical recoverable: 24 BBoe = 2BBo (3.5%) +4 Bboe natural gas at 320-acre spacing; does not include any reserves from the lower TF benches

Prior to lower TF: 57 BBo in place (2010); 3.5% recoverable; 320-acre spacing

Now: estimate +57%; 903 BBo in place (2012)

• 32 BBo recoverable at 3.5% (unless otherwise stated, CLR uses 3.5% recovery rate)
• 36 BBo at 4%
• 45 BBo at 5%

The slide shows four benches in the TF, and then the Nisku

Bakken producers at MB, TF1, TF2, and TF3

Special projects, tests, pilot projects

• Productivity project: 20 gross wells; $123 million net cost
• Pilot density projects (2): 34 gross wells, 3 -320-acre density tests; one 160-acre density test, $36 million, 13 gross wells; 

Cost per well (completed well cost):

• non-operated CWC: $11.3 million
• operated CWC: $9.2 million
• targeted CWC: $8.2 million
• actual CWC: $8.3 million (average) as of April, 2013

Bakken crude: America's premium light sweet crude

• Bakken: almost 50% of each barrel of oil --> gasoline
• WTI: about 30$ of each barrel of oil --> gasoline