Continental Resources With Operational Update

Press release.

Highlights:

• proved reserves up by almost 40% y/y
• net present value discounted at 10% (PV-10): $20 billion
• market cap today: $20 billion
• "strong increase in 2013 proved reserves reflected significant production growth in the Bakken play of North Dakota and Montana"
• the Bakken has a PV-10 value of almost $15 billion
• 1.2 million net acres in the Bakken
• estimated total production in 2013 was almost 50 million boe, almost 40% increase y/y
• despite the "bad" weather in December, 4Q13 production was 2% better than 3Q113; and 35% increase of 4Q12
• reached the 150,000 boe milestone in November, 2013
• CLR enters 2014 with 100 gross wells that are drilled but not yet producing, almost all of which are associated with multi-well pads

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