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Standard & Poor's Initiates Factual Stock Report Coverage on Continental Resources, Inc.

Posted on: Wednesday, 10 October 2007, 12:00 CDT

Standard & Poor's announced today that it has commenced Factual Stock Report coverage on Continental Resources, Inc.

Continental Resources, Inc. (NYSE:CLR) is an independent oil and natural gas exploration and production company with operations in the Rocky Mountain, Mid-Continent and Gulf Coast regions of the United States. The company principally sells its oil and natural gas production to end users, marketers and other purchasers that have access to nearby pipeline facilities.

On May 14, 2007, CLR announced the pricing of its initial public offering of 29,500,000 shares of its common stock at $15 per share. The shares are listed on the New York Stock Exchange under the symbol CLR. The company sold 8,850,000 shares of common stock in the offering, and Harold G. Hamm, the chairman and chief executive officer and principal shareholder of the company, sold 20,650,000 shares of common stock in the offering.

As of December 31, 2006, the company's estimated proved reserves were 118.3 MMBoe, with estimated proved developed reserves of 87.1 MMBoe. As of December 31, 2006, the company's total proved reserves of oil were 98,038 MBbls; total proved reserves of gas were 121,865 MMcf. The company had interests in 1,589 gross (1,191 net) wells, including 1,305 gross (1,049 net) oil wells and 284 gross (142 net) natural gas wells. As of December 31, 2006, the company had 1,772 scheduled drilling locations on the 1,775,000 gross (1,071,000 net) acres that it held. In the first quarter of 2007, daily production averaged approximately 28,000 Boe per day.

This report will also be accessible on an ongoing basis to the investment community ---- scores of buy-side institutions and sell-side firms that utilize S&P research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts.

About Standard & Poor's Factual Stock Reports

This Standard & Poor's service provides factual research coverage enabling information about Continental Resources, Inc. and other securities to reach a wide investor audience of Buy and Sell-side investors, helping them understand a company's fundamentals and business prospects. Currently profiling over 1,000 issuers, S&P Factual Stock Reports increase market awareness for issuers in the investment community with insightful commentary and key statistics/information. Updated weekly with the latest pricing, trading volume, and other data, the reports include recent developments, a financial review, key operating information, Industry and peer comparisons, institutional holdings analysis, Street Consensus and opinions, performance charts, business summary, fundamental data, and news. Because coverage of these reports is sponsored by the issuer, S&P does not offer investment opinions concerning the advisability of investing in these stocks.

Standard & Poor's Factual Stock Reports are produced separately from any other analytic activity of Standard & Poor's. Standard & Poor's Factual Report research has no access to non-public information received by other units of Standard & Poor's. Standard & Poor's does not trade on its own account.

Note: All U.S. and Canadian Companies listed on a National Exchange (not covered by S&P's STARS research) are eligible to obtain this coverage.

About Standard & Poor's

Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 7,500 employees, including wholly owned affiliates, located in 21 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com.

Source: Business Wire

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