ENID, Okla., Nov. 9, 2011 /PRNewswire/ -- Continental Resources, Inc. (NYSE: CLR) today announced that former North Dakota Governor Ed Schafer has joined its board of directors effective November 2, 2011.
Mr. Schafer was elected North Dakota's 30th governor in 1992 and re-elected in 1996. He also served as the U.S. Secretary of Agriculture in 2008, after being nominated by President George W. Bush and confirmed unanimously by the U.S. Senate.
"As one of the state's largest oil producers, we wanted someone with a strong heritage in North Dakota, who knows the state and its people as well as he does," said Harold Hamm, Chairman and Chief Executive Officer. "We also wanted someone of Ed's character and conservative values. He is a natural choice and will be an excellent contributor to our board."
"I've championed the North Dakota energy industry for 20 years," Mr. Schafer said. "Continental has been a pioneer in the development of the Bakken play in our state and an excellent corporate citizen, hiring and contributing to education and other important causes statewide.
"Now, as a director, I hope to strengthen even more Continental's role in North Dakota, while supporting the Company's growth as a major American energy producer," he said.
On November 2, 2011, Continental announced it has budgeted a total $1.75 billion for capital expenditures in 2012. Of that amount, $1.1 billion is planned to be invested in the Bakken play, with 91 percent of the Bakken investment planned for North Dakota.
Mr. Schafer promoted a number of energy-oriented issues during his tenure as governor, including a new technology known as horizontal drilling. Today, 98 percent of North Dakota wells utilize horizontal drilling, and the development of the world-class Bakken field relies entirely on this drilling technology. While governor, Mr. Schafer also served as chairman of the Interstate Oil and Gas Compact Commission, which is comprised of all energy-producing states.
Aside from his political service, Mr. Schafer had a long business career at Gold Seal Company, which was founded by his father. Mr. Schafer served as the company's president from 1978 to 1985. He was also the co-founder and Chief Executive Officer of Extend America, a telecommunications company focused on rural connectivity in the Midwest.
Mr. Schafer earned his bachelor's degree from the University of North Dakota and an MBA from the University of Denver.
Continental Resources is a crude-oil concentrated, independent oil and natural gas exploration and production company with operations in the Lower 48 United States. The Company focuses its operations in large new and 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.
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. Other than historical facts included in this press release, all information regarding 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 press release. Although the Company believes the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance 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, changes in estimates of projected crude oil and natural gas recoveries from certain fields, 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, changes in regulatory constraints, and other factors listed in reports we have filed or may file with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement to reflect events or circumstances that may arise after the date of this press release.
SOURCE Continental Resources