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 Continental Resources expects to nearly double its oil production within the next five years, and expects the Bakken to contribute between 50 to 60 percent of the total growth, according to a recent report in the Williston Herald.

Its Scoop and Stack assets in Oklahoma, meanwhile, are expected to provide from 40 to 50 percent of that growth.

Continental CEO Harold Hamm said the company’s growth is attributable to horizontally drilled wells, deep underground, with high pressure and extreme cold.

The Oil Patch Hotline, reported, “With total third quarter 2018 production up 14% to 186,934 BOPD, Continental Resources will spend $1.063 billion this year in the Bakken, as it plans completing 166 gross wells while running six drilling rigs.

“The company estimates it will be able to reduce its debt this year by $5 billion, based on free cash flow ranging between $500 million and $600 million.”

Continental CEO Harold Hamm said the company’s growth is attributable to horizontally drilled wells, deep underground, with high pressure and extreme cold.

The Williston Herald quoted company president Jack Stark as saying, Bakken production by itself grew 26 percent year over year, and 10 percent quarter over quarter.

“Continental completed 52 operated Bakken wells in 2018, which flowed at an average initial rate of 2,800 barrels of oil equivalent per day, per well, of which about 80 percent was oil. Four of its new wells made the company’s top 10 list of Bakken producers, based on their initial 30-days of production. Those wells are a large part of what drove its record production numbers in the fourth quarter of 2018.

‘But the company didn’t just boost production in 2018. It also continued to drive down costs to new lows. Completions are now down to 45 stages from 60, saving about $200,000 per well, and bringing the costs to complete a Bakken well down to about $8.2 million on average per well.”