February 19, 2016: still attracting new investors.
October 6, 2014: Wood Mackenzie on the Springer.
September 21, 2014: more on the Springer and CLR at OilandGas360.
September 21, 2014: the AP reports on CLR and the Springer.
September 18, 2014: Platts reports:
Continental Resources unveiled results of the Springer Shale on Thursday, a new Oklahoma oil play that could help boost the state's already growing production to levels not seen in decades.
The Springer, chiefly sited in Grady and parts of Garvin counties at 12,500-foot depths, is yielding top-notch initial output rates and economic returns, company managers said Thursday in webcast remarks during Continental's 2014 Analyst Day in Oklahoma City.
The company's results in the Springer, combined with its own and the industry's mounting production at the South Central Oklahoma Oil Play and output from other formations in the state's subsoil, is adding to Oklahoma's already mounting production of 345,000 b/d in June, according to US Energy Information Administration data.
"Oklahoma could potentially become the nation's [third-highest] oil-producing state," Continental CEO Harold Hamm said in opening the 2014 event, its first such investor gathering in two years.
Zeits, Seeking Alpha:
Springer Shale in the Anadarko
- Continental substantially increased resource estimates for its Anadarko Basin asset.
- The announcement of the Springer Shale discovery is important, given that the play will add to the “core of the core” drilling inventory.
- The positive read-across is to Newfield, Cimarex, Marathon and Devon.
This not an investment site. Do not make any investment decisions based on anything you read here or anything you think you may have read here.
Continental has significantly increased its leasehold in the deep Anadarko Basin since the company announced the play in 2012. Continental disclosed that as of September 18, 2014, it has 471,000 net acres under lease in the basin. Adding together the 451,000 net acres that are prospective for the Woodford Shale and 195,000 net acres that are prospective for the Springer, the combined "single-play" resource leasehold is ~646,000 net acres, which compares to ~893,000 net acres that the company controls in the Bakken play in North Dakota and ~305,000 net acres in Montana.
Most importantly, the identified sweet spots in Continental's Anadarko Basin resource plays compare favorably in terms of drilling returns to the most productive areas in the Bakken. The following slide shows that Continental sees exceptionally strong returns in the SCOOP Condensate window and in the just announced Springer Shale play.