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Continental Inks Agreement for Project Wildcat Natural Gas Capacity

Continental Resources Inc. said it has signed a firm transportation agreement with Enable Midstream Partners LP for the entire takeaway capacity of Project Wildcat, a 400 MMcf/d natural gas pipeline that would connect the Midcontinent with North Texas.

Oklahoma City-based Continental said Thursday Project Wildcat would give it direct access to several premium markets for gas, including the Dallas-Fort Worth area, where gas supplies from the Barnett Shale are declining.

Specifically, the pipeline would provide service to Continental's assets in the STACK (aka the Sooner Trend of the Anadarko Basin, mostly in Canadian and Kingfisher counties) and SCOOP (aka the South Central Oklahoma Oil Province).

"Project Wildcat not only provides flow assurance for our growing production in SCOOP and STACK but access to premium markets to maximize the returns on every molecule we sell," said CEO Harold Hamm.

Project Wildcat is expected to begin operations in June and be in service in July. Enable, also based in Oklahoma City, unveiled plans for the pipeline last May.

According to Continental, it has 1.13 million acres in the Midcontinent, where 4Q2017 production totaled 111,422 boe/d (59% oil). The assets include 724,000 acres in the SCOOP and 409,500 acres in the STACK.

Broken down by play, Continental's SCOOP acreage provides access to the Springer Shale (170,000 acres), the Sycamore formation (277,000) and the Woodford Shale (277,000). Meanwhile, its assets in the STACK are prospective to the Meramec formation (212,500) and the Woodford (197,000).

Last February, Continental reported that a surge in STACK production in 4Q2017 helped offset production losses elsewhere.

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