Exhibit 12.3 - COMPUTATION OF RATIO OF ADJUSTED EBITDA TO INTEREST EXPENSE
CONTINENTAL RESOURCES, INC.
YEAR ENDED DECEMBER 31,
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1998 1999 2000 2001 2002
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NET INCOME (LOSS) (17,980) 3,920 37,780 11,667 (20,032)
INCOME TAXES - - - - -
INTEREST EXPENSE 12,826 17,370 16,514 15,674 18,401
DD&A 30,198 19,549 19,552 27,731 31,380
PROPERTY IMPAIRMENTS 10,165 5,154 5,631 10,113 25,686
EXPLORATION EXPENSE 5,468 3,191 9,965 15,863 10,229
LITIGATION SETTLEMENT - - - - -
ADJUSTED EBITDA (1) 40,677 49,184 89,442 81,048 65,664
TOTAL ADJUSTED EBITDA TO
INTEREST EXPENSE 3.2 2.8 5.4 5.2 3.6
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<FN>
(1) ADJUSTED EBITDA represents earnings before interest expense, income taxes, depreciation, depletion, amortization,
property impairments and exploration expense, excluding proceeds from litigation settlements. EBITDA is not a measure
of cash flow as determined by generally accepted accounting principles ("GAAP"). Adjusted EBITDA should not be
considered as an alternative to, or more meaningful than, net income or cash flow as determined in accordance with GAAP
or as an indicator of a company's operating performance or liquidity. Certain items excluded from Adjusted EBITDA are
significant components in understanding and assessing a company' financial performance, such as a company' cost of
capital and tax structure, as well as historic costs of depreciable assets, none of which are components of Adjusted
EBITDA. The Company's computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other
companies. The Company believes that Adjusted EBITDA is a widely followed measure of operating performance and may also
be used by investors to measure the Company' ability to meet future debt service requirements, if any.
</FN>