CONTINENTAL RESOURCES, INC

10 Sept 2010drilling progress report▲ GoodMajor

Continental said its own internal estimate shows proved reserves up 21% to 310 million barrels of oil equivalent at mid-2010, from 257 million at year-end 2009, mainly from North Dakota Bakken drilling. It also reported 13 operated Bakken wells completed since July 1 averaging 1,070 barrels of oil equivalent per day in one-day tests, plus a Montana Elm Coulee well at 827. Ryder Scott did not review the mid-year figure but will prepare the year-end report.

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7 July 2010debt financing▲ GoodMajor

On June 30, 2010 Continental replaced its bank credit agreement with a new one led by Union Bank, N.A. The borrowing base rises to $1.3 billion from $1.0 billion and maturity extends to July 1, 2015 from April 2011. Commitments stay at $750 million, with maximum size raised to $2.5 billion, and at least 85% of proven reserves secure the loans. Covenants require a total debt to EBITDAX ratio of no more than 3.75 to 1.

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7 Apr 2010debt financing● NeutralMajor

The $200 million 7 3/8% notes due October 1, 2020 closed on April 5, 2010 under an indenture with Wilmington Trust FSB as trustee. They are unsecured, guaranteed by subsidiary Banner Pipeline, rank behind the secured revolving credit facility, and carry restrictions on extra debt, dividends and asset sales. The company must also register an exchange offer for the notes within about 400 days.

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5 Apr 2010material agreement● NeutralMajor

Continental agreed on March 30, 2010 to sell $200 million of 7 3/8% senior unsecured notes due 2020 to initial purchasers (Banc of America Securities, RBS Securities, J.P. Morgan Securities), priced to yield 7.5%. Per the filing, proceeds were used to partly repay its revolving credit facility, so this swaps bank borrowing for long-term bond debt.

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