Continental Resources' total production grew 18 percent in the second quarter of 2009, compared with the second quarter last year. In addition, the Company reported the successful completion of the Mathistad 2-35H, a "companion well" designed to test its theory that the Middle Bakken and Three Forks/Sanish zones act as separate reservoirs in portions of the North Dakota Bakken shale play.
"Technical data from the Mathistad 2-35H supports our belief that the Middle Bakken and Three Forks/Sanish reservoirs are separate in this area of the play," said Harold Hamm, Chairman and Chief Executive Officer. "The Mathistad 2-35H tested at a seven-day initial production rate of 995 Boepd. This is the highest initial rate that we've recorded from our Middle Bakken completions in North Dakota, and this high initial productivity indicates that we tapped into new, undrained reservoir rock with the companion well."
For the second quarter of 2009, Continental reported net income of $13.5 million, or $0.08 per diluted share, compared with net income of $127.3 million, or $0.75 per diluted share, for the second quarter of 2008.
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