SCOOP: Project SpringBoard Phase I and Phase II Underway
The Company’s SCOOP production averaged 64,786 Boe per day in second quarter 2018, up 6% versus second quarter 2017. The Company completed 16 gross (13 net) operated wells with first production in second quarter 2018.
The Company previously announced Project SpringBoard, which is a massive, multi-year, stacked pay, oil development project that covers approximately 70-square miles and includes 45,000 gross (31,000 net) contiguous acres. SpringBoard holds up to 400 MMBoe of gross unrisked resource potential, with wells expecting to average 70%-85% oil across both phases. The Company estimates up to 100 Springer and 250 Woodford and Sycamore potential locations and will operate SpringBoard with an average working interest of approximately 75%. In addition, SpringBoard is expected to benefit from the Company’s row development operational efficiencies and production will benefit from access to premium markets through existing pipeline infrastructure.
Drilling is underway in both Phase I and Phase II of Project SpringBoard, with 7 rigs targeting the Springer reservoir (Phase I) and 4 rigs, ramping up to 6 rigs by year end, targeting the Woodford and Sycamore reservoirs (Phase II). The Company expects first production from the Springer wells in Project SpringBoard to begin late third quarter 2018, with up to 18 Springer wells producing by year end 2018. First production from the Woodford and Sycamore wells is expected to begin in first quarter 2019.
“Project SpringBoard is an outstanding, high impact oil project for Continental and its shareholders,” said Jack Stark, President. “This project alone has the potential to increase Continental’s oil production by as much as 10% over the next 12 months.”