EXHIBIT 99.2
Continental Resources Enters into Crude Oil Price Hedges
Enid, Okla., - July 10/PR Newswire – FirstCall/Continental Resources (NYSE:CLR) today announced that it has entered into fixed-price swap contracts covering 10,000 barrels of oil per day for the period from August 2007 through April 2008. During each month of the contract, Continental Resources will receive a fixed-price of $72.90 per barrel and will pay to the counterparties the average of the NYMEX crude oil futures contract settlement prices for such month. The hedged daily volume represents approximately 42% of the mid-point of the Company’s 2007 average daily crude oil volume guidance.
About Continental Resources
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. The Company focuses its operations in large new or developing 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. The Company completed its initial public offering in May 2007.
Forward-Looking Information
This press release includes forward-looking information that is subject to a number of risks and uncertainties, many of which are beyond the Company’s control. All information, other than historical facts included in this press release, regarding the Company’s strategy, future operations, drilling plans, estimated reserves, future production, estimated capital expenditures, projected costs, the potential of drilling prospects and other plans and objectives of management are forward-looking information. All forward-looking statements speak only as of the date of this presentation. Although the Company believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Actual results may differ materially from those anticipated due to many factors, including oil and natural gas prices, industry conditions, drilling results, uncertainties in estimating reserves, uncertainties in estimating future production from enhanced recovery operations, availability of drilling rigs and other services, availability of crude oil and natural gas transportation capacity, availability of capital resources and other factors listed in reports the Company has filed or may file with the Securities and Exchange Commission.
For Media inquiries contact:
Don Fischbach
Tel: + (580) 233-8955
