Continental Completes Four Springer Wells in SCOOP

Continental Resources, Inc., has completed four oil wells in its Springer play in the South Central Oklahoma Oil Province (SCOOP).

“Four new wells further confirm the repeatability and growth potential of Continental’s new discovery, the Springer play in SCOOP,” said Harold G. Hamm, chairman and chief executive officer of Continental. “These individual delineation wells in the play are generating excellent returns, with shallow decline rates compared to other unconventional resource plays. We expect to realize even stronger well economics as development drilling gets underway utilizing extended laterals, pad drilling, and other drilling and completion efficiencies.”

The four new wells had an average horizontal lateral length of approximately 4,475 feet. Continental expects estimated ultimate recovery of 940,000 gross barrels of oil equivalent (Boe) per well in the oil fairway of the play for a well with a 4,500-foot lateral section. In November 2014, Continental commenced drilling its first extended lateral well in the Springer play, with a planned lateral length of 7,500 feet. The company expects an average estimated ultimate recovery of approximately 1.6 million gross Boe for extended lateral wells of this length, reflecting the 67% longer lateral.

Continental’s current Springer production is approximately 9,200 gross Boe per day, of which approximately 70% is crude oil.

The four new wells in Grady County, Okla., include:

• The Nancy J 1-28H well with an initial 24-hour production test rate of 1,815 Boe, with 79% of the initial production being crude oil
• The AC Walters 1-27H with an initial 24-hour test rate of 1,630 Boe, of which 78% was crude oil
• The Schoof 1-17H with an initial 24-hour production of 1,465 Boe, of which 74% was crude oil
• The Ince 1-21H with an initial 24-hour production test rate of 1,037 Boe, of which 86% was crude oil