Continental Resources Inc. (CLR) said Dec. 22 that it revised the 2015 capex budget for non-acquisition items.
The revised capex stands at $2.7 million, and the company noted that the level of activity is expected to yield 16% to 20% production growth in 2015, compared with estimated 2014 production.
Continental will decrease the average operated rig count to 34 from 50 by the end of 2015’s first quarter. For the full year, it will have about 31 operated rigs. In the Scoop Woodford/Springer plays, there will be 16; in the Bakken, 11 and in the Northwest Cana, four. In the Northwest Cana, half of the applicable interest costs are being carried by a joint-venture partner, the company noted.
The revised budget is based on completing 81 net wells for the Scoop plays, with unchanged EUR targets. The company plans to complete 188 net wells in the Bakken, with an EUR of 800,000 barrels of oil equivalent per well. In the Northwest Cana and other areas, 11 net wells are planned. The completed well costs are expected to average at least 15% below 2014 averages, due to lower commodity prices, Continental said.
Oklahoma City-based Continental Resources Inc. produces domestic oil.
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