Profile: Continental Resources, Inc. (CLR)

Continental Resources, Inc., incorporated on November 16, 1967, 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 focuses on exploration activities in new or developing plays that provide it the opportunity to acquire undeveloped acreage positions for future drilling operations. During the year ended December 31, 2008, 70% of its reserves were located in the Rocky Mountain region. During 2008, the Company acquired 20 square miles of 3-D seismic on Chicago/Norad project. Its wholly owned subsidiary is Banner Pipeline Company, L.L.C.

Rocky Mountain Region

The Company’s properties are located in the Rocky Mountain region. The principal producing properties in this region are in the Red River units, the Bakken field and the Big Horn Basin. During 2008, Red River units represented 59.6% of its revenue. The eight units comprising the Red River units are located along the Cedar Creek Anticline in North Dakota, South Dakota and Montana and produce oil and natural gas from the Red River “B” formation, a thin, continuous, dolomite formation at depths of 8,000 to 9,500 feet. The Cedar Hills North unit is located in Bowman and Slope Counties, North Dakota. During 2008, the Company drilled 225 horizontal wells, with 128 producing wellbores and the remainder serving as injection wellbores. The Medicine Pole Hills units comprises of 47 horizontal wellbores. During 2008, it drilled 7 new horizontal wellbores, 2 horizontal extensions of existing wellbores, and 2 horizontal re-entries of vertical wellbores.

Bakken field of Montana and North Dakota is an unconventional oil resource play in the United States with approximately 83 rigs drilling in the play during 2008. The Bakken formation is a Devonian-age shale found within the Williston Basin underlying portions of North Dakota and Montana that contains three lithologic members, including the upper shale, middle member and lower shale that combined range up to 130 feet thick. The upper and lower shales are organic, thermally mature and over pressured, the middle member, which varies in composition from a silty dolomite to shalely limestone or sand, serves as a reservoir. Its Montana Bakken production is located in the Elm Coulee field in Richland County, Montana. During 2008, the Company held 131,422 gross undeveloped acres in the Montana Bakken play. The Company’s principal property in the Big Horn Basin, the Worland field, produces primarily from the phosphoria formation.

Mid-Continent and Gulf Coast Region

The Company’s properties in Mid-Continent and Gulf Coast region include Arkoma Woodford, Anadarko Basin, Anadarko Woodford, and Anadarko Atoka. During 2008, the Company owned 161,000 gross acres in the Woodford play. Drilling consisted of a combination of exploratory, step-out and development drilling designed to secure acreage and delineate areas of economic production for further development. Anadarko Basin produces from a variety of sands and carbonates in both stratigraphic and structural traps. The Company drilled 19 gross wells during 2008. Anadarko Woodford shale play of western Oklahoma includes 144,000 gross undeveloped acres. Its Trenton-Black River project in and around Hillsdale County, Michigan completed 7 gross operated wells in the play. The principal producing properties in the Gulf Coast are located in South Texas and Louisiana.