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Continental Resources: “OK shale deposit could be 3rd largest producer”

Lydia Gilbertson | Shale Plays Media Google+

Continental Resources CEO Harold Hamm stated Saturday that the company has discovered a shale deposit in South Central Oklahoma that could elevate the state to being the 3rd largest oil producer in the United States. The Springer Shale deposit is a shallow layer of shale at a 12,500 foot depth. Continental drilled one well on the deposit earlier last year and it produced over 2,000 barrels a day. It has kept the project operations under wraps for 20 months. Continental Resources is the second-largest oil producer in the Bakken region in North Dakota and will now only continue to grow in the industry.

Shale deposits in the Springer Shale have an estimated life of 11 or 12 years worth of production.  According to Hamm, Continental’s acreage in Oklahoma holds around 3.6 billion barrels of oil. The South Central Oklahoma Oil Province (SCOOP) is the name of the formation in Oklahoma that also includes the Woodford Shale. It is located in an area south of Oklahoma City.

Read more: Continental Resources unveils new Springer Shale play in Oklahoma

Related: Continental Resources names new COO


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