February 16, 2012

The Bakken: World-Class Development

Forward-Looking Information

This presentation includes forward-looking information that is subject to a number of risks and uncertainties, many of which are beyond the Company’s control. All information, other than historical facts included in this presentation, 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 is forward-looking information. All forward-looking statements speak only as of the date of this presentation. 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, pipe and other services and equipment, availability of 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.

This presentation also includes information on reserves potentially recoverable through additional drilling or enhanced recovery operations. Non-proven estimates are generally not permitted to be disclosed in SEC filings and are subject to a substantial risk of not being realized.

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• IPO May 2007, NYSE :CLR, $14 Billion Mkt. Cap.

• #1 oil producer in the Williston Basin

• #2 oil producer in the Rockies

• On track to triple 2009 production and reserves by YE 2014– 5,300 potential net undeveloped locations– 3.2 Billion boe net unrisked reserve potential– $2.00 Billion 2011 CAPEX– $1.75 Billion Budgeted 2012 Capex

Continental Resources Highlights

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Organic Growth Company Through Exploration and Technology

Focus on “Unconventional Reservoirs and Resource Plays”

• Red River- ND (1995)

• Bakken - MT (2003)

• Bakken - ND (2004)

• Arkoma Woodford - OK (2006)

• Anadarko Woodford - OK (2008)

• Niobrara- CO,WY (2010)

Drilled over 1,000 operated horizontal wells

1,370,000 net undeveloped acres 518,000 net developed acres

Counties with CLR leasehold 4

Bakken Oil Field

SASKATCHEWAN

MANITOBA

WYOMINGSOUTH DAKOTA

MONTANA

WILLISTON BASIN

NORTH DAKOTA

Bakken Oil Field

• Potentially the largest oil field discovered worldwide in last 40 years

• Up to 24 Billion boe of estimated recoverable reserves (20Bbo and 4Bboe of natural gas)

• Doubles U.S. proved reserves

• Helping reverse decline of U.S. oil production

• Creating jobs5

Bakken Petroleum SystemOver-pressured, basin centered oil field

Huge continuous oil accumulation

• ~14,700 square-miles…size of MA and CT combined

• Largest ever assessed by USGS

3,600+ hz completions

200 active rigs

• ~2,000 new wells being added per year

CLR leasehold strategically located within thermal kitchen CLR acreage

Bakken

Three Forks

MATURE BAKKEN“KITCHEN”

MATURE BAKKEN“KITCHEN”

MIGRATED CONVENTIONAL OIL FIELDS

MIGRATED CONVENTIONAL OIL FIELDS

25

0 M

ile

s

200 Miles

Fault Zone

MARGINALLY MATURE BAKKEN

MARGINALLY MATURE BAKKEN

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Bakken Petroleum System

MATUREU.S. CANADA

SW NEIMMATUREMARG.MATURE

Three Forks

275 Miles

Lodgepole (Top Seal)

“Bakken Kitchen”Continuous, over-pressured oil trap

“Bakken Kitchen”Continuous, over-pressured oil trap

M Bakken

Nisku (B

ottom Seal)

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ORIGINAL OIL IN PLACE (OOIP) : BAKKEN – THREE FORKS

577 BBO

326 BBO

ISOPACH INTERVAL

1st Bench

2nd Bench

3rd Bench

Upper Bakken

Lower Bakken

Three Forks Added Reserve Potential

Estimated OOIP now stands at 903 BBO

5% recovery = 45 BBO

Estimated OOIP

Nisku

Middle Bakken

Lodgepole

4th Bench

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1953 Antelope Field - Discovery• 52 Vertical Wells• 12.9 MMbo & 30.1 Bcf

1970+ Vertical Bail-Out Completions• 70+ Vertical completions

1988 Elk Horn Ranch/Bicentennial• 192 Hz wells 1988-1993• 22.4 MMbo & 51.9 Bcf• Short HZ – No frac

2000 Elm Coulee• 648 Hz wells completed (10/2010)

• 96 MMbo & 74 Bcf (10/2010)

• 50,000 Bopd peak production • Dual leg HZ wells - Open hole frac

2006 ND-MT2,075 Hz wells completed (10/2010)

300 Mbopd and 210 MMcfd (10/2010)

Single leg HZ -Liner/multi-stage fracs

Bakken Play…50 Years in the Making

160 Miles

MontanaMontana North DakotaNorth Dakota

Approx. Area of Thermal

Maturity

2000Dual Leg HZ

Open Hole Frac

2000Dual Leg HZ

Open Hole Frac

1988Short HZ- No Frac

1988Short HZ- No Frac

1953Vertical (Disc)

1953Vertical (Disc)

2006Single leg HZ-

Liner/Multi stage frac

2006Single leg HZ-

Liner/Multi stage frac

Bakken Producer 9

Phases of Oilfield Development

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Yr 1-5

Leasing and exploratory drilling

Yr 1 Yr 10 YR 20 Yr 30 Yr 40 Yr 50 Yr 60

Yr 3-7

Leasing and development drillingInfrastructure design

Yr 5-10

Infrastructure build-out

Yr 10-60

Full-field development and producing life

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Bakken Production History (MT & ND)

~490,000 Bopd

~3,700WELLS

Multi Leg HZ Open hole Frac

HZ wells No frac

Single Leg HZ Liner / Multi-stage Frac

Dai

ly O

il P

rod

uct

ion

(B

OP

D)

Wel

l Co

un

t

1980

2010

1985

1990

1995

2000

2005

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Largest leaseholder in the Bakken play• 901,370 net acres

Most active driller • 22 operated rigs drilling (2/1/12)

Pioneered development of the Three Forks reservoir and use of ECO-Pad®

CLR: Bakken Leader

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Continental’s ECO-Pad Technology

ECO-Pad® DevelopmentDual-zone development

• 8 Potential wells per 1,280-acre unit (4 Middle Bakken and 4 Three Forks)

4.8 MMBoe total EUR • 603 MBoe EUR per well X 8 wells

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Upper Bakken shale

TF 2nd Bench

Lower Bakken shale

TF 3rd Bench

TF 4th Bench

Middle Bakken dolomite

Lodgepole limestone

Nisku anhydrite

TE

CH

NIC

AL

LY

P

RO

VE

NIN

DIC

AT

ED

PA

Y 1st TEST DRILLING

FUTURE TEST

FUTURE TEST

Upper Three Forks 1st Bench

2 Miles

660’ 1,320’

Multiple fracture stages with a 500’ stimulation radius

10,000’ below

surface1st ECO-Pad well pair

Completed Eco-Pad

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Bakken’sFull ScaleDevelopment Model

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