Bakken Crude Estimates Doubled
After tapping a deeper layer of the Bakken, Continental Resources (NYSE:CLR) estimates the formation could hold up to 57% more crude.

This Article Originally was Published here:

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.

From Bloomberg:

“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.

This Article Originally was Published here:

Bakken Crude Estimates Doubled originally appeared in Energy and Capital. Energy and Capital, a free daily newsletter, offers practical investment analysis in the new energy economy.
Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here