Energy Prospectus

CLR is up this morning based on an outstanding 4th quarter operational update. I am working on the forecast model right now and will have it up on the website shortly (under the Sweet 16 Tab). - Dan

Continental Resources Increased Production 57 Percent to 75,219 Barrels of Oil Equivalent Per Day for Fourth Quarter 2011
> December 2011 Exit Rate Was a Monthly Average of 78,260 Barrels of Oil Equivalent per Day
> Production Exceeding 80,000 Barrels of Oil Equivalent per Day Thus Far in January 2012
> 2011 Proved Reserves Increased 39 Percent to 508 Million Barrels of Oil Equivalent

This should bode well for all of our Bakken companies. I'm expecting strong year-end reports from DNR and OAS as well.

Continental's 2011 proved reserves represented $22 billion in undiscounted future net cash flows, before income taxes. The Company's 2011 proved reserves had a net present value discounted at 10 percent (PV-10) of $9.2 billion, almost double the 2010 total.

Ryder Scott Company, L.P. evaluated properties representing 91 percent of the Company's proved reserves and 96 percent of Continental's PV-10 at year-end 2011, with Continental reserve engineers evaluating the remaining properties.

Forty percent of 2011 proved reserves were proved developed, compared with 38 percent at year-end 2010.

Continental's 2011 proved reserves included 1,517 gross (692 net) PUD locations. Of these, 72 percent of the PUDs are located in the Bakken and 17 percent are in the Anadarko Woodford.

In terms of total 2011 proved reserves, 58 percent are in the Bakken, 26 percent are in the Anadarko and Arkoma Woodford plays, and 13 percent are in the Red River Units (North Dakota, South Dakota and Montana).

Continental currently is operating 22 drilling rigs in the Bakken, with 19 in North Dakota and three in Montana. The Company plans to add two more rigs in North Dakota by the end of February.

In Weld County, Colorado, in the Niobrara/DJ Basin, Continental has four wells currently in various stages of completion. The most recently drilled well, the Staudinger 1-31H (56% WI) appears to have the strongest initial production results and is currently producing 431 Bopd (461 Boepd with natural gas) with a flowing tubing pressure of 200 psi. The Marconi 1-1H (62% WI) well is producing 150 Bopd, and the Perrin 1-10H (51% WI) and Hahn 1-4H (100% WI) were recently put on artificial lift. Results from these wells will be published at a later date. Continental continues to operate one rig in the Niobrara/DJ Basin, drilling a combination of 640- and 1,280-acre spacing units.

In early January 2012, the Company finished drilling and began completing the Tom's 1-21XH (84% WI) in the Blaine County portion of the Anadarko Woodford play. The Tom's 1-21XH is the first multiple-unit spaced well drilled in Oklahoma. The horizontal section of the Tom's well is twice the length of previous Anadarko Woodford wells drilled in the play. Continental expects longer laterals in the Anadarko Woodford will have a significant, positive impact on well productivity and economics.

The Tom's 1-21XH was drilled to total depth of 20,532 feet (including a 9,995-foot lateral) in just 47 days, 11 days faster than expected. Continental successfully stimulated the Tom's well in 26 stages and is preparing to begin well-test operations.

Continental is currently drilling its second cross-unit well in Blaine County, Oklahoma.

The Company currently has 12 operated drilling rigs in the Anadarko Woodford, with plans to average 10 rigs in the play in the final three quarters of 2012. Activity is focused on high-liquids areas in the Northwest and Southeast Cana.

Continental has one operated rig currently drilling in the Arkoma Woodford. The Company plans to suspend drilling in the Arkoma Woodford until natural gas prices strengthen.