Continental Resources’ SpringBoard Remains On Track To Grow Oil Production

The latest results from Continental Resources Inc.’s (NYSE: CLR) SpringBoard project in Oklahoma’s Scoop play show the stacked development is on track to boost the company’s oil production by about 10% from third-quarter 2018 to this year’s third quarter.

The project, which focuses on the Springer, Sycamore and Woodford reservoirs, spans 73 sq miles of contiguous leasehold. It has an unrisked resource potential of up to 400 million barrels of oil equivalent (boe). The Oklahoma-headquartered company is currently running 12 rigs—down two thanks to improved efficiency—as part of the project. Seven of the rigs are in the less thick Springer reservoir with the rest in the thicker Woodford and Sycamore reservoirs.

“In general, we expect wells located in the thicker portions of the reservoir to outperform our type curve and wells located in thinner portions of the reservoir to underperform the type curve,” Continental President Jack Stark said Jan. 29 during an investor update.