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Continental continues progress in Oklahoma

Oilfield Technology,

Continental Resources, Inc. announced continued success 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 CEO. "These individual delineation wells in the play are generating excellent returns, with shallow decline rates compared to other unconventional resource plays. We expect to realise even stronger well economics as development drilling gets under way utilising extended laterals, pad drilling, and other drilling and completion efficiencies."

The four new wells had an average horizontal lateral length of approximately 4475 ft. Continental expects estimated ultimate recovery (EUR) of 940,000 gross boe per well in the oil fairway of the play for a well with a 4500-ft lateral section.

In November 2014, Continental plans to commence drilling its first extended lateral well in the Springer play, with a planned lateral length of 7500 ft. The company expects an average EUR of approximately 1.6 million gross boe for extended lateral wells of this length, reflecting the 67% longer lateral.

Continental reported that the average completed well cost this year has been in line with earlier projected cost of US$ 9.7 million per well. The four newest wells were drilled to an average vertical depth of approximately 12,625 ft and average total measured depth of approximately 17,650 ft.

"The Springer adds another significant oil resource driver to Continental's strategic growth outlook. It's distinguishing itself as the most productive play in Oklahoma, and it's right in our back yard," Hamm added.

Continental's current Springer production is approximately 6000 net boepd (9200 gross boepd), of which approximately 70% is crude oil. The company currently has nine operated drilling rigs active in the Springer play.

Adapted from press release by Katie Woodward

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