Widespread  hydrocarbon

source and reservoir rock 

across the Rockies

History of conventional

production in Rockies basins

•

Up to 12MMBoe fields dating back

to 1957

•

Up to 1.5 MMBoe/well

•

Natural fracturing key to

conventional production

•

Wattenberg Field: Early indication

of resource potential

•

Silo Field: Early application of

horizontal drilling

Niobrara:  Expanding Rockies Oil Resource

Niobrara oil production

Niobrara  gas production

Williston Basin

DJ Basin

Powder River

Basin

Green River

Basin

Wyoming

Colorado

1

Exhibit 99.5

2

Niobrara Depositional  Environment

Niobrara was deposited in

ancient Cretaceous seaway 

85 million years ago

Organic shales throughout

(source rock)

East side: Higher carbonate

content

West side: Higher clay

content

Niobrara preserved in

present-day basins

Source:  USGS 2005

DJ Basin : 1

st

Niobrara Basin to Take Off

3

~5MM acres in thermally mature

fairway

4 Billion Boe

potential recoverable 

reserves

•

320-acre spacing, 286 MBoe

EUR per

well (unrisked)

12 horizontal rigs drilling

•

10 reported hz

producers since June ‘09

•

27 hz

wells completing

•

90 permits in the last 90 days

Early indications:

•

Repeatable

commercial production

•

Up to 1,558 Bopd

initial rates

Niobrara horizontal permit

Niobrara horizontal well WOC

Niobrara horizontal producer

Niobrara horizontal rig on location

Silo Field

~11MMBo

EOG 

discovery

wells

SM Energy

EOG

Thermally

mature fairway

Wattenberg

Field

~4.2 Tcfe

Noble

100 miles

DJ Basin Niobrara: Reservoir Description

Targeted “B”

bench

•

Chalk/limestone/organic

shales

•

50’

to 100’

thick

•

Depth: 6,000’

to 9,000’

•

Porosity up to 16%

•

Average TOC ~3%

•

Vitrinite reflectance: 0.6 to

1.3

•

Porosity and carbonate

content vary across basin

•

Fracture and

matrix

deliverability

4

Niobrara “C”

D Sand

J Sand

Sonneberg 2002

Typical

Depth

4300’

4800’

6800’

7100’

7600’

7800’

Niobrara “A”

Niobrara “B”

Ft. Hays Limestone

Codell Sand

Graneros Shale

Greenhorn Limestone

3

J  Sand

Skull Creek Shale

Dakota Sand

Sussex (Terry) SS

Pierre Shale

Pierre Shale

Shannon SS

Pierre Shale

NIOBRARA TYPE LOG

Resistivity

Porosity

Gamma Ray

“B”

bench

target

Codell

Niobrara

7300

7350

7400

7450

7250

7200

7150

7500

7550

7600

7650

Continental’s Niobrara Acreage

5

CLR leasehold

Niobrara horizontal permit

Niobrara horizontal well WOC

Niobrara horizontal producer

Niobrara horizontal rig drilling

CLR Pump

House

Project Area

100 miles

Wattenberg

Field

Silo Field

73,000 net acres in Niobrara

•

28% Colorado

•

72% Wyoming

228 net potential locations

(assuming 320-acre spacing)

53 MMBoe potential net reserves

(unrisked)

Pump House Project: Weld Co., Colorado

6

Hereford Field

Wattenberg

Field

NBL

NBL

NBL

NBL

CLR leasehold

Niobrara horizontal permit

Niobrara horizontal well WOC

Niobrara horizontal producer

Niobrara horizontal rig drilling

A

A’

Pump House Project

CLR:  Newton 1-9H

36 miles

14,400 net acres

Located in the most active

area of the play

Newton 1-9H (79% WI)

•

1,280-acre spacing planned

•

Q4 2010 spud date

Acquiring 80 square miles

of 3D seismic

Cross Section A to A’

7

Niobrara

TARGET

A

“B”

Bench

GR

GR

Resistivity

Porosity

Resistivity

Porosity

GR

Resistivity

Porosity

EOG  Hereford Field

CLR Pump House Project

Wattenberg Field

A’

7300

7350

7400

7450

6450

10%

10%

10%

6550

6660

6650

7150

7200

7250

7300

7400

7500

7250

7200

6400

6500

7100

7350

32 Miles

Common Early Stage Questions

8

Fracture or matrix production?

•

Conventional wells in resource plays have typically required

natural fracturing for commercial production.

•

Niobrara displays both fracture and matrix production (Silo

Field).

•

Technology taps into matrix

Continuous reservoir?

•

General characteristic of resource plays, but lithology will vary

across a play

•

Variations overcome by technology

0.1

0.5

1

5

10

50

100

1

5

10

50

100

CV.Cum_oil ( Mbbl )

S G MCCONNAUGHEY   1

Fracture and Matrix Production

Cumulative oil production (MBo)

9

Silo Field Vertical

Well

Matrix production 

8 MBo

Fracture production

8 MBo

1

5

10

50

100

500

1000

1

5

10

50

100

500

1000

CV.Cum_oil ( Mbbl )

SWEETWATER 41-17   1H

10

Fracture and Matrix Production

Matrix production

40 MBo

Fracture production

100 MBo

Silo Field Horizontal

Well

Cumulative oil production (MBo)

Rate-Time Plot, Horizontal Well

11

Niobrara Production Model

12

Niobrara Economic Models

13

Rates of

Return %

* Economics net of $7 differential.

1,280 Spacing Model

CWC: $6.2MM

EUR: 572 MBoe

640 Spacing Model

CWC: $4.2MM

EUR: 286 MBoe

14

Questions?