Continental Resources Inc. (NYSE: CLR) said May 17 it has completed an industry record well in the over-pressured oil window of Oklahoma's Stack Play.
The Verona 1-23-14XH flowed at an initial 24-hour test rate of 3,339 barrels of oil equivalent per day, comprised of 2,345 barrels of oil, or 70% of production, and 6 million cubic feet of 1,370-British thermal units of natural gas.
The well is producing from the Meramec reservoir through a 9,700-foot lateral at a flowing casing pressure of about 2,400 pounds per square inch, on a 34/64-inch choke.
Continental completed the well at a cost of about $9 million, which is $500,000 less than the company's 2016 target cost for two-mile lateral wells in the over-pressure oil window, said Harold Hamm, chairman and CEO.
"This is the company's lowest cost completion in the Stack to-date," Hamm said in a statement.
The Verona is the Oklahoma City-based company's ninth well completed in the over-pressured oil window of the Stack. Continental had about 171,000 net acres of leasehold in the Stack Play, 95% of which is in the over-pressured window, as of March 31.
Located in Blaine County, Okla., the Verona is immediately east of Continental's Ludwig unit, where the company is currently drilling an eight-well density pilot, its first in the Stack Play.
The density pilot consists of seven new wells in the Upper and Middle Meramec reservoirs, as well as an additional well in the Woodford reservoir underlying the Meramec. Results from the Ludwig density pilot are expected to be announced by the company's third-quarter earnings release.
Continental is in the process of completing four additional Meramec wells. The company currently has 11 operated rigs drilling in Stack, with six targeting the Meramec zone and five targeting the Woodford zone.
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