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.
No position
