Continental Resources (NYSE:CLR) unveiled a new development program targeting the Woodford Shale in southern Oklahoma and plans to use this as part of a new plan to triple production and reserves by 2017.
Continental Resources said that the company has 171,000 net acres prospective for the Woodford Shale in the South Central Oklahoma Oil Province (SCOOP), which has been producing oil and gas for 100 years.
The SCOOP play or south Cana play has the following geological characteristics:
Depth - 8,000 to 16,000 feet
Thickness – 150 to 400 feet
Total organic content - 6% to 12%
Porosity - 5% to 8%
Original Oil in Place – 45 to 70 million barrels of oil per section
The Woodford Shale SCOOP play produces mostly oil and condensate.