SCOOP: Project "SpringBoard" Announced with Phase 1 Springer Row Development Underway
The Company has initiated a multi-zone, oil development project within SCOOP named Project SpringBoard. The project covers 70-square miles and includes approximately 45,000 gross (31,000 net) contiguous acres. The Company anticipates approximately 100 Springer wells and up to 250 Woodford and/or Sycamore wells will be drilled in the project with gross unrisked reserve potential of over 400 MMBoe. The Company will operate these wells with an average working interest of approximately 75%. The Company currently plans to develop Project SpringBoard in two phases, with "Phase 1" focused on the Springer reservoir and "Phase 2" focused on Woodford and Sycamore reservoirs. These reservoirs will be developed in rows up to nine miles wide to maximize the efficiencies and returns from the project.
"Project SpringBoard is a massive oil project controlled and operated by Continental," said Tony Barrett, Vice President, Exploration. "SpringBoard marks the beginning of full scale development of our SCOOP oil assets, following years of exploration, leasing and delineation drilling. With oil differentials below $2.00, these barrels represent some of the most profitable barrels within the Company."
Before beginning row development of the Springer, the Company recently completed the four-well Triple H Springer unit within Project SpringBoard. The four Springer producers flowed at a maximum combined 24-hour IP rate of 6,065 Boe per day, with 88% of the production being high quality, sweet 46 gravity crude. The Triple H wells were drilled to test the productivity of thinner areas of the reservoir, using extended laterals that were 10,200 feet long. These extended laterals were drilled in approximately the same number of days (35 days) and at drilling costs comparable to one-mile laterals drilled approximately one year earlier.