An Oklahoma City-based oil producer has unveiled a new formation in south-central Oklahoma that its CEO says will elevate the state as an oil producer.
Continental Resources, Inc., says western Oklahoma's Springer Shale deposit is in the heart of the South Central Oklahoma Oil Province, Continental's last big discovery.
CEO Harold Hamm says the Springer and other new Oklahoma oil deposits will elevate the state as an oil producer. Hamm says Oklahoma is on track to surpass California and Alaska to become the nation's third-largest oil producer.
The Oklahoman reports (http://bit.ly/1qk32sd ) that Continental completed its first Springer well early last year. It produced more than 2,000 barrels of oil a day. Continental drilled another exploratory well about 25 miles away, then another near the original well to confirm the discovery.
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