Bakken Shale Making More North Dakotans Rich - Continental Resources +20%
Note to self - step up marketing in North Dakota for the newly rich land owners who happen to be sitting on some great motherloads of dead dinosaurs.
We got another runner here in
Continental Resources (CLR); looks like a big hit in Bakken Shale - more on the oil side than natural gas.
- Oil and gas producer Continental Resources Inc. on Thursday said a test of its second well in a promising area of North Dakota resulted in encouraging results.
- Continental said initial results of the Mathistad 1-35H well, drilled into Bakken shale of McKenzie County, on July 4 flowed at an average rate of 1,095 barrels of crude oil equivalent per day.
- On May 20, the company's first well in the formation flowed at an average initial rate of 693 barrels of crude oil equivalent per day.
- In April, the U.S. Geological Survey estimated that technically recoverable crude oil in the North Dakota and Montana Bakken shale area at 3 billion to 4.3 billion barrels of undiscovered crude oil.
For all you ever wanted to know about Bakken (it looks like CLR owns the most land there) click here.
And those 4 Haynesville natural gas plays we mentioned yesterday that refused to fall even below the 20 day moving average? Most are flying to the tune of +9-12% today. ah! So much for the pullback. Charts don't like - people do. ;)
Wait, CBSMarketwatch told me 48 hours ago that the commodity run was over (again). Hmmmm.
The above story is the opinion of the author only and it does not reflect
iStockAnalyst opinion. Further, the author is not personally advising you
regarding the suitability of the story for your investment needs. In no event
iStockAnalyst will be liable for any loss or damage including without
limitation, indirect or consequential loss or damage, or any loss or damage
whatsoever arising from or arising out of, or in connection with the use of this
information. Please consult your investment advisor before making any investment
decision.
