The Enid News and Eagle, Enid, OK

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July 10, 2008

Continental reports good results in N.D.

Staff Reports

Continental Resources of Enid is seeing continued good results from its investments in the North Dakota Bakken Shale area.

The company has completed a well, Mathistad 1-35H, in McKenzie County, in which Continental has a 40 percent working interest, company officials said. The well is the second the company has completed in the Three Forks/Sanish formation in North Dakota.

Officials report the well has flowed at an average rate of 1,095 barrels of crude oil equivalent per day, with 90 percent of the production being crude oil and 10 percent natural gas.

Company stock (NYSE: CLR) soared more than $13 Thursday following the announcement, eventually closing Thursday at $78.65.

“This is a second positive data point in our effort to determine whether the Three Forks/Sanish formation is a separate oil-producing reservoir not drained by a horizontal well completion in the Middle Bakken zone above it,” Hamm said. “If the Three Forks/Sanish proves to be a separate reservoir, it would add significant incremental reserves to the Bakken play.”

The area has been getting increased public attention since the U.S. Geological Survey published a new assessment of undiscovered, technically recoverable crude oil in the North Dakota and Montana Bakken Shale Play. It is estimated that 3 billion to 4.3 billion barrels of undiscovered crude oil are technically recoverable with currently available technology and industry practice.

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