First half 2010 highlights

•

Production: 40,180 Boepd, +8% over 1H09

•

2Q10 production: 41,913 Boepd, +9% over 1Q10

•

EBITDAX: $391.6MM, +139% over 1H09

•

Strengthened net acreage positions in our three key plays

Increased 2010 capex

and production outlook

•

Increased capex

budget to $1.3B

•

$900MM in drilling and operations

•

$400MM land

•

Raised 2010 production guidance to 15.8MM Boe

•

Midpoint of 15% to 17% growth guidance range

•

Increased capitalization to support accelerated growth

1

Financial

2010 Financial and Operating Highlights

Exhibit 99.7

2

2011 Capex Budget

Drilling capex = 91% of $1.36B 2011 capex budget

•

Drilling capex includes workovers and facilities

•

92% of $1.2B drilling capex committed to Bakken and Woodford

Gross

214

16

15

39

2

23

309

Net

105.5

11.1

14.0

23.7

1.5

21.2

177.0

Gross

514

16

15

99

14

29

687

Net

120.6

11.1

14.0

28.8

2.3

21.9

198.7

$819

75

58

230

9

36

$1,227

CLR-Operated

Op. & Non-Op.

Drilling Capex

66%

6%

5%

19%

1%

3%

100%

North Dakota Bakken

Montana Bakken

Red River Units

Anadarko Woodford

Arkoma Woodford

Other

TOTAL

Year ended December 31, 2011

Production growth

Price differentials

(1)

Oil (Bbl)

Gas (Mcf)

Operating expenses per Boe:

Production expense

Production tax (percent of sales)

Depreciation, depletion, amortization

and accretion

General and administrative expense

(2)

Non-cash stock-based compensation

Income tax rate, percent of pre-tax income

Percent of income tax deferred

3

2011 Guidance

30%

$8 to $10

+/-

$0.25

$6.50 to $7.50

7% to 8%

$16 to $19

$2.00 to $2.50

$0.75 to $1.00

38%

90% to 95%

(1)

Differential to calendar month average NYMEX futures price for oil and to average of last three trading

days of prompt NYMEX futures contract for gas.

(2)

Excludes non-cash stock-based compensation.

4

Pro Forma Capitalization

(1)

Senior Notes balances exclude the effect of original issue discount.

(2)

See Non-GAAP financial measures in Form 10-K, Form 10-Q and earnings release for a reconciliation of net income to EBITDAX.

(3)

Stated volumes are internally estimated reserve volumes as of June 30, 2010.

$293

0

0

300

200

400

$900

1,209

$2,109

$1,043

$678

310

126

0.9X

29%

$1.96

$4.82

($ in millions)

Cash and cash equivalents

Revolving credit facility

% drawn

8.25%  Senior notes due 2019

(1)

7.375% Senior notes due 2020

(1)

7.125% Senior notes due 2021

(1)

Total debt

Shareholders’

equity

Total book capitalization

Total liquidity

Operating statistics (at 6/30/10)

LTM EBITDAX

(2)

Proved reserves (MMBoe)

(3)

PDP reserves (MMBoe)

(3)

Credit statistics

Net debt/LTM EBITDAX

(2)

Net debt/book capitalization

Net debt/proved reserves ($/Boe)

Net debt/PDP reserves ($/Boe)

At June 30 2010, pro forma for recent debt issuance:

2010: We expect to end the year

with approx. $1.0B in net long-term

debt.

2011: Cash flow and ample liquidity

to support strong production growth

in 2011.

2012-14: Net debt/EBITDAX should

remain well below peer average of

2.2X through 2014.

5

2009-2014 Production Growth Vision

13.6

15.8

20.9

41.0

Growth from

current Inventory

MMBoe

6

Questions?

7

Appendix

Year ended December 31, 2010

Production growth

Price differentials

(1)

Oil (Bbl)

Gas (Mcf)

Operating expenses per Boe:

Production expense

Production tax (percent of sales)

Depreciation, depletion, amortization

and accretion

General and administrative expense

(2)

Non-cash stock-based compensation

Income tax rate, percent of pre-tax income

Percent of income tax deferred

8

2010 Guidance

15% to 17%

$8 to $10

+/-

$0.25

$6.50 to $7.00

7.0% to 7.5%

$15 to $18

$2.00 to $2.40

$0.75 to $1.00

38%

95%

(1)

Differential to calendar month average NYMEX futures price for oil and to average of last three trading days of

prompt NYMEX futures contract for gas.

(2)

Excludes non-cash stock-based compensation.

9

Crude Oil Hedge Positions

2010

Jul.  to Sept.

Swaps

Collars

Oct.  to Dec.

Swaps

Collars

2011

Jan.  to Mar.

Swaps

Collars

Apr. to Dec.

Swaps

Collars

2012

Jan. to Dec.

Swaps

Collars

2013

Jan. to Dec.

Swaps

Collars

Volume in

Barrels

687,000

1,380,000

1,089,000

1,380,000

284,000

2,565,000

643,000

7,837,500

2,745,000

4,392,000

1,825,000

1,642,500

Weighted Avg.

of Swaps

$84.58

$83.99

$83.86

$84.14

$85.45

$85.90

Range

$75-$78

$75-$78

$75-$80

$75-$80

$80

$80

Weighted

Average

$76

$76

$78.95

$79.39

$80

$80

Range

$88.75-$96.75

$88.75-$96.75

$88.65-$97.25

$89.00-$97.25

$93.25-$97.00

$97.40-$99.00

Weighted

Average

$93.43

$93.43

$91.70

$91.27

$95.26

$98.11

Collars: Floors

Collars: Ceilings

10

Natural Gas Hedge Positions

Natural Gas Swaps

2010

Jul. to Dec.

2011

Jan. to Dec.

Natural Gas Basis Swaps, Centerpoint

East

2010

Jul. to Dec.

MMBtus

7,556,000

11,862,500

3,600,000

Swaps

Weighted Avg.

$6.09

$6.36

($0.62)