How to Use Oseberg’s Atla to Analyze CLR’s Big Announcement
Continental Oil’s recent announcement of Project Springboard, an oil development project within the SCOOP, should come as no surprise to our Atla users and those following our Oklahoma Weekly Reports! We have been talking about Continental's activity for some time now, primarily their spacings in the SCOOP and drilling permits targeting the Springer Formation. We opened up Atla to dig into the details; here is what we found.
Continental & the Springer Formation
During yesterday’s announcement, Continental told investors that they have already begun to target the Springer Formation (which our data indicates is primarily in Grady and Garvin counties). They are already planning for phase two, which will be up to 250 wells targeting the Woodford and/or Sycamore formations.
Where will Continental’s wells be located in the SCOOP?
Naturally, we asked ourselves, where will these wells be located? The first thing we noticed was that for the past 12 weeks Continental has consistently been at the top of our leasing list in our Oklahoma Weekly Reports, and as we reported in our April 9th report, we remembered they had a particularly high number of leases in Stephens County.
We then opened Atla, our powerful data access and mapping engine, and very quickly mapped Continental’s position by running a lease query and filtering to all lessee’s that contained “Continental Resources”.
We also ran a spacing query and filtered to any Continental spacings that spaced the Woodford or the Sycamore formations and cross-referenced that with the leasing activity. Here is what the map looks like in Atla:
What does this activity say for the future of the SCOOP?
This activity is very exciting for the future of the SCOOP, as it continues to become one of the more prominent plays in America. Be on the lookout for future announcements from other operators as oil prices have already risen around 10% this year and hopefully continue to rise. An increase in price and success from Continental’s project could make other operators hungry for the next big find in the SCOOP!
How can you learn more?
Atla users, our CSM’s can show you how to easily map Continental’s acreage on your own. If you aren't an Atla user, drop us a note at email@example.com, and we will give you a demo.