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The paper presents a numerical study of hydraulic fracture propagation in a naturally fractured reservoir. Instead of using discrete fracture network in the current study natural fractures are considered from the perspective of effective medium theory: natural fractures are related to inelastic strain accumulated in the medium during its deformation. Although there is no way to implement such a method to construct a specific network of fractures involved in stimulated volume, it becomes possible to evaluate some effective parameters of this network. In this particular study spatial orientation of fractures which provides potential fluid flow paths. Usage of critically stressed fracture concept makes it possible to predict the spatial orientations of hydraulically conductive natural fractures based on calculated stress tensor. In the current study stress state and spatial orientations of hydraulically conductive fractures were modeled for the problem of hydraulic fracture propagation using the extended finite element method.