CLR Proving up the Springer Shale in OK
Posted: Thu Oct 23, 2014 7:52 pm
This is great news for NFX, XEC and GST. - Dan
Continental Resources, Inc. (“Continental” or the “Company”) (CLR) today announced continued success in its recently unveiled 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. “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 under way 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 (EUR) of 940,000 gross Boe per well in the oil fairway of the play for a well with a 4,500-foot 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 7,500 feet. 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 $9.7 million per well. The four newest wells were drilled to an average vertical depth of approximately 12,625 feet and average total measured depth of approximately 17,650 feet.
“The Springer adds another significant oil resource driver to Continental’s strategic growth outlook,” Mr. Hamm said. “It’s distinguishing itself as the most productive play in Oklahoma, and it’s right in our back yard.”
Continental Resources, Inc. (“Continental” or the “Company”) (CLR) today announced continued success in its recently unveiled 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. “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 under way 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 (EUR) of 940,000 gross Boe per well in the oil fairway of the play for a well with a 4,500-foot 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 7,500 feet. 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 $9.7 million per well. The four newest wells were drilled to an average vertical depth of approximately 12,625 feet and average total measured depth of approximately 17,650 feet.
“The Springer adds another significant oil resource driver to Continental’s strategic growth outlook,” Mr. Hamm said. “It’s distinguishing itself as the most productive play in Oklahoma, and it’s right in our back yard.”