SCOOP

Unveiled in October 2012, the SCOOP play in southern Oklahoma has rapidly grown to contribute almost a third of Continental’s total 2016 production. Last year, our operations primarily focused on the oil and condensate windows of the Woodford reservoir, where we achieved multiple milestones.

In the condensate window, refinement of latest-generation enhanced completions increased our average estimated ultimate recovery (EUR) by approximately 35% to 2.3 million Boe from a 7,500-foot lateral well.

In the SCOOP oil window, enhanced completion designs were similarly impactful, increasing our average EUR by 30% to 1.3 million Boe from a two-mile lateral well. A top performing producing well, the Emery 1R-9-16XH, confirmed the positive trend in Continental’s SCOOP oil window leasehold, flowing at 1,350 Boe per day in its initial production test.

We compounded these advances with a second density pilot test in the oil window. The 7-well density pilot test in the May unit produced 6,900 Boe per day (77% oil) in initial production tests. The wells were arrayed on a single level in the Upper Woodford zone. These tests have been instrumental in establishing the template for future development of this reservoir.

In late 2016 the Company also resumed drilling the SCOOP Springer formation, an oil-rich reservoir located approximately 1,000 feet above the Woodford. Continental unveiled the Springer in late 2014, and now we are ready to optimize its value with longer laterals and the latest-generation enhanced completion designs.

With its multiple vertical targets and wide geographic footprint, the SCOOP is another building block for the Company. We expect it to drive strong production and cash flow growth for many years.

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Carl.Levitt@clr.com