1

Bakken

Oil Resource Continues to Grow

24 billion barrels of oil

potentially recoverable

•

>5X 2008 USGS estimate

14,700 square-mile

continuous oil accumulation

More than 2,750 hz

wells 

completed since Jan. 2000

Industry adding 1,800 wells

per year (~150 active rigs)

CLR leasehold strategically

located within thermal

kitchen

Oil migration

CLR acreage

Bakken

Three Forks

MATURE

BAKKEN

“KITCHEN”

MIGRATED CONVENTIONAL

OIL FIELDS

200 Miles

Fault Zone

MARGINALLY

MATURE

BAKKEN

Exhibit 99.4

2

Basin-Centered Oil Field

3

Bakken

horizontal 2000 -2009

Bakken

horizontal 1985-2000

Bakken

vertical completion

CLR Acreage: Substantially De-Risked

CLR leasehold

•

864,559 net acres

•

72% is de-risked and in

development mode

21 Operated rigs

•

4 rigs drilling ECO-Pads

®

•

2 rigs on HBP units

•

15 rigs on first wells per unit

2010 Spuds

4

Fracture

Stimulations

-

Driving

the

Expansion

# of Frac

Stages

5

More Stages Improve EURs

# of Frac Stages

518 MBOE MODEL

6

IPs Correlate with Higher EURs

30-Day IP, BOEPD

518 MBOE MODEL

7

ND Bakken Economics 2011

CWC: $6.5MM

EUR: 518 MBoe

* Net of differentials.

8

Maintaining

ND

Drilling

Efficiencies

9

ECO-Pad

®

Development

Reduced surface footprint

Est. 10% less D&C cost per

well

Increased lateral length results

in harvesting more reservoir

1,280-acre spacing

unit #1

200’

200’

1,280-acre spacing

unit #2

set-back

set-back

ECO-Pad Development

Upper Bakken

shale

Lower Bakken

shale

Middle Bakken

Three Forks

10,000’

below

surface

Lodgepole

1,320’

660’

1,320’

660’

Dual-zone development

•

8 Potential wells per 1,280-acre unit (4 Middle

Bakken

and 4 Three Forks)

4.1 MMBoe

total EUR

•

518 MBoe

EUR X 8 wells

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Arthur-Hegler ECO-Pad results

Three Forks pair:

Hegler 1-13H (83% WI): 1,195 Boepd @

1400 psi on 22 choke

Arthur 1-12H (94% WI): 849 Boepd @

1150 psi on 22 choke

Middle Bakken pair:

Hegler 2-13H (83% WI): 1,203 Boepd @

2200 psi on 18 choke

Arthur 2-12H (94% WI): 1,103 Boepd @

2350 psi on 18 choke

Total IP: 4,359 Boepd

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First ECO-Pad Project Completion

ECO-Pad producer

ECO-Pad drilling or waiting on completion

Arthur-Hegler

ECO-Pad

Continental’s ECO-Pad Technology

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Continental’s ECO-Pad Technology

13

Continental’s ECO-Pad Technology

15

Top 11 CLR-operated completions (Boepd):

Bonney

2-3H (43% WI):

Roadrunner 1-15H (56% WI):

Rollefstad

2-3H (73% WI):

Medicine Hole 2-27H (43% WI):

Mack 2-2H (74% WI):

Ravin

1-1H (59% WI):

Hegler

2-13H (83% WI):

Howard 1-5H (52% WI):

Hegler

1-13H (83% WI):

Arthur 2-12H (94% WI):

Bjella

1-24H (41% WI):

Top 7 non-operated CLR completions (Boepd):

Missouri 5302-44-35H:

HA-Rolfsrud

152-96-1720H-1:

USA 153-96-24D-13-1H:

Hagey

12-13H:

Patten 1-33-34H 1:

Harstad

44-9H: 

Hanson 11-12H:

Strong 3Q10 ND Bakken

Wells

12 Miles

CLR-operated

Non-operated CLR wells

1,765

1,722

1,714

1,702

1,471

1,300

1,203

1,201

1,195

1,103

1,029

1,976

1,639

1,489

1,350

1,260

1,223

1,041

ND Improving Production Rates

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Boepd

150

122

205

185

209

201

603

466

3Q:623

2Q:454

CLR: #1 Bakken

Drilling Program

* Source: Industry reports at Oct. 4, 2010.

17

21

14

13

9

6

5

Rigs

Mid-Year 2010 Reserves: 310 MMBoe

ND Bakken

43.4%

MT Bakken

12.4%

Red River Units

17.9%

Anadarko Woodford

5.0%

Other 5.0%

Arkoma Woodford

16.3%

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Bakken: 56% of CLR Reserves

Bakken: Tremendous Growth Potential

19

247 net

wells drilled

3,394

PUD

and

potential

net

wells

to be drilled (320-acre spacing,

dual reservoir)

7%

13%

640s

320s

1,663

PUD

and

potential

net

wells to be drilled on CLR

acreage (640-acre spacing,

dual reservoir)

Bakken

Operating

Challenges

Rig and frac

crew availability

•

CLR currently has 3 dedicated frac

crews: 2 Pumpco, 1 Schlumberger

•

Two more frac

crews with allocated dates each month

•

Costs are increasing: 2011 CWC $6.5MM

Takeaway capacity from the Williston Basin

•

Gas gathering systems stressed; some curtailment of initial

production rates on new wells

•

Additional facilities under construction: Bear Paw (Oneok), Hiland,

and others

•

Oil pipeline and railing capabilities expanding rapidly

20

Growth in Takeaway Capacity

21

22

Bakken

continues to grow through technology

CLR holds the #1 lease position

CLR is the clear leader in the hottest oil play in the

United States

•

3,394 PUD and potential net

locations yet to drill (320-acre spacing,

dual reservoir)

CLR Bakken: Key Takeaways

Questions?

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