Oklahoma rising as oil state, Continental Resources says

The Springer reserve area in Oklahoma is emerging as one of the premier oil basins in the region, Continental Resources said Thursday.

Continental, which has headquarters in Oklahoma City, said four wells in the Springer play inside the South Central Oklahoma Oil Province, known by its initials SCOOP, should yield as much as 940,000 gross barrels of oil equivalent for the company.

"The Springer adds another significant oil resource driver to Continental's strategic growth outlook," Continental Chairman and Chief Executive Officer Harold Hamm said in a statement. "It's distinguishing itself as the most productive play in Oklahoma, and it's right in our back yard."

Oil services company Baker Hughes said shale basins in Oklahoma were among those witnessing the biggest gains in wells started during the third quarter.

SCOOP lies in part of the Woodford shale that spreads out over southern part of the state.

Continental said it's producing about 6,000 barrels of oil equivalent per day in the Springer basin, of which 70 percent is crude oil. It has nine rigs working in the play.