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Scoop-Stack Playbook 2017

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SCOOP/STACK: KEY PLAYERS | September 2017 | 17 condensate windows and five targeting the Wood- ford Formation in the Northwest Cana joint develop- ment agreement area in Blaine and Custer counties, the report stated. In addition, Continental has about 197,000 net acres in the Scoop Springer, which is located about 1,000 ft above the Woodford Formation, accord- ing to the company's first-quarter 2017 report. The company's Scoop production averaged 62,178 boe/d (27% oil) in first-quarter 2017, which was 29% of the company's total production for that quarter. Continental had 14 gross (five net) oper- ated and nonoperated wells with first production in first-quarter 2017. Continental has five operated drilling rigs working in the Scoop. The company's 2017 Scoop plans include increasing activity in the Springer area and com- pleting up to 10 Springer wells. The company also recently announced its new Scoop Sycamore play, where it has 300,000 net reservoir acres of lease- hold. The company also announced two successful wells in the Sycamore and plans to complete addi- tional operated wells by year-end 2017. Council Oak Resources LLC Founded in 2015, Council Oak Resources is a pri - vately held company with about 40,000 net acres in the northwest Stack play of Oklahoma with controlling interest in more than 65 sections. The private E&P company operates multiple wells in northwest Blaine and Dewey counties. As of the end of June, Council Oak was producing about 3,000 net boe/d. The company was drilling its elev- enth well at the end of June and expected to have anywhere from 12 to 20 operated wells online by year-end 2017. The company has a $300 million commitment from Encap Investments LP. Devon Energy Corp. Devon Energy Corp., an independent E&P company, has Stack operations in the oil-prone Meramec and the liquids-rich Cana-Woodford Shale. Last year net production averaged 93 Mboe/d in the Stack play. The company reported that its Stack net production rose to an average 95,000 boe/d in first-quarter 2017, an 8% increase compared to fourth-quarter 2016, according to the company's first-quarter 2017 operations report. Devon exited first-quarter 2017 with seven rigs and plans to run as many as 10 operated rigs by year-end 2017, the report stated. This year the company plans to invest $750 million of capi- tal in the Stack play. Devon also intends to main- tain its Stack pro- duction guidance of more than 120 Mboe/d by year- end 2017. "With the oper- ational momen- tum created by the company's accelerated drilling program in the Stack in 2017, Devon expects even higher produc- tion growth rates in 2018," the report stated. Devon also brought online a record-setting Meramec well and began production on several high-rate wells in the core of the overpressured oil window of the Stack play during second-quarter 2017, according to a July press release. The Privott 17-H well was brought online in southwest King- fisher County in Oklahoma and achieved a facili - ty-constrained peak 24-hr rate of 6 Mboe/d (50% oil). "When compared against publicly available data in the Stack, the Privott well achieved the high- est initial production rate of any well by a wide mar- gin and is expected to recover in excess of 2 MMboe over the life of the well," the release stated. Gastar Exploration Inc. Gastar Exploration, an independent energy com- pany and pure play Midcontinent Stack operator, has 89,600 net surface acres in Oklahoma, includ- ing about 62,600 core Stack surface acres. The com- Devon Tower is seen at dawn behind SkyDance Bridge, a 197-ft sculpture and pedestrian bridge near downtown Oklahoma City. (Photo by Tom Fox, courtesy of Hart Energy's Oil and Gas Investor)

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