OKLAHOMA CITY, April 16, 2012 /PRNewswire/ -- Continental Resources, Inc. ( NYSE: CLR) has announced the appointment of Jose A. Bayardo as Senior Vice President of Business Development. In this role, he will lead the company's investment, acquisition and divestiture teams.
"The quality of Continental's management team, asset base and capital structure creates an organization that is uniquely well positioned to pursue attractive opportunities for growth," commented Mr. Bayardo. "I look forward to working with the talented team at Continental to continue building on its strong track record of increasing shareholder value."
Mr. Bayardo spent the past nine years with NYSE-listed oilfield service company Complete Production Services, most recently in the role of Senior Vice President, Chief Financial Officer and Treasurer. During his time at Complete, he led transactional, strategic and operational initiatives to grow the company and enhance shareholder value.
Complete was sold to Superior Energy Services in February 2012.
"Jose's proven results and leadership in the energy industry will be valuable assets to Continental as we aim to triple the size of our company from 2009 to 2014," said Harold Hamm, Chairman and Chief Executive Officer of Continental. "We are pleased to have attracted an executive of his caliber to our team and look forward to his contributions to our long-term growth."
Continental Resources has experienced rapid growth in recent years, increasing crude oil and natural gas sales 170 percent to $1.6 billion in 2011, compared with $611 million in 2009. Over that same period, production increased 66 percent to 22.6 million barrels of oil equivalent (MMBoe) per year, compared with 13.6 MMBoe in 2009.
While the Company's growth has been primarily organic, generated by its own exploration and production efforts, Continental has recently announced several acreage acquisitions and pending acquisitions.
Since May 2011, the Company has completed three substantial property acquisitions and entered into an agreement for a fourth pending transaction. The four transactions would total approximately 84,000 net acres in the Bakken play of North Dakota and Montana, as well as associated production and reserves.
At such time all four transactions are completed, Continental's leading acreage position in the Bakken will be approaching one million net acres.
"There are attractive opportunities for further consolidation in our two premier oil and natural gas liquids plays, the Bakken and the Anadarko Woodford," Mr. Hamm said, "as well as other opportunities to strengthen Continental's long-term growth platform.
"Jose will provide focused leadership in this strategic area," he said.
Mr. Bayardo was named Complete's Chief Financial Officer in October 2008. Previously he served in several other roles at Complete, including Vice President - Corporate Development, and Investor Relations and Vice President of a subsidiary's Rocky Mountain and Mid-Continent operations. Prior to joining Complete, he was an investment banker with J.P. Morgan.
Mr. Bayardo received a Master of Business Administration from the Kellogg Graduate School of Management at Northwestern University and a Bachelor of Science in Chemical Engineering from the University of Texas at Austin.
About Continental Resources
Continental Resources is a Top 10 petroleum liquids producer in the United States and the largest leaseholder in the nation's premier oil play, the Bakken Play of North Dakota and Montana. Based in Oklahoma City, the company also has a leading presence in the Anadarko Woodford Play of Oklahoma and the Red River Units Play of North Dakota, South Dakota and Montana. Founded in 1967, Continental's growth strategy has focused on crude oil since the 1980s. The company reported total revenues of $1.6 billion for 2011 and is ahead of schedule in its plan to triple production and proved reserves from 2009 to 2014. Visit www.CLR.com for more 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. 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 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 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