||A Message from Continental Resources, Inc.
Headquartered in Enid, Oklahoma, Continental Resources 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. We focus our exploration activities in large new or developing plays that provide us the opportunity to acquire undeveloped acreage positions for future drilling operations. We have been successful in targeting large repeatable resource plays where horizontal drilling, advanced fracture stimulation and enhanced recovery technologies provide the means to economically develop and produce oil and natural gas reserves from unconventional formations. As a result of these efforts, we have grown substantially through the drillbit, adding 87.4 MMBoe of proved oil and natural gas reserves through extensions and discoveries from January 1, 2000 through December 31, 2005 compared to 4.4 MMBoe added through proved reserve purchases during that same period.
As of December 31, 2005, our estimated proved reserves were 117 MMBoe, with a PV-10 of $2.2 billion. Estimated proved developed reserves were 80 MMBoe, or 69% of our total estimated proved reserves. Crude oil comprised 85% of our total estimated proved reserves. At December 31, 2005, we held approximately 1,081,000 gross (646,000 net) undeveloped acres. For the year ended December 31, 2005, we generated revenues of $375.8 million and operating cash flows of $267.1 million.
- Proved reserves totaled 117MMBoe at year-end 2005.
- CRI holds interests in approximately 1,081,00 gross undeveloped acres.
- Drillbit finding costs were $4.42 per Boe and $5.16 per Boe over the one- and five-year periods ending December 31, 2005, respectively.
- Generating revenues of $375.8 million and operating cash flows of $267.1 million by year ended December 31, 2005.