Continental Resources Inc. (NYSE: CLR) raised its 2016 production exit rate following the testing results of a monster well in Oklahoma's Stack Play, the company said Dec. 13.

The well, Angus Trust 1-4-33XH, produced 4,642 barrels of oil equivalent per day (boe/d) in a 24-hour test in the Meramec Shale in south-central Blaine County, Okla. Production was comprised of 2,088 barrels of oil and 15.3 million cubic feet (MMcf) of natural gas.

During the initial production test, the Angus Trust well flowed at 5,200 pounds per square inch (psi). Continental has a 78% working interest in the well.

"The Angus Trust is another tremendous Stack Meramec well," Harold Hamm, chairman and CEO, said in a statement. "Aside from being a company record well, it further validates our perspective of the extent of the over-pressured oil window."

The Angus Trust well surpassed Continental's first test of the condensate window in Blaine in 2015, the Boden 1-15-10XH. The Boden well, located immediately south of Angus Trust, produced an initial 24-hour test rate of 3,508 boe (28% oil) at a flowing casing pressure of more than 5,000 psi.

In just over a year, the Boden has produced 591,000 boe (26% oil). The Boden is currently producing 1,815 boe/d (22% oil) at a flowing casing pressure of 2,900 psi.

Continental estimates its total completed well cost for the Angus Trust is $8.9 million, about 30% less than the Boden. The Angus Trust's 9,500-foot lateral was completed in 36 stages, with 20 million pounds of white sand, similar to the Boden.

At 489 boe/d per 1,000-ft lateral, the Angus Trust well is among the highest recorded in the Stack Play to date, Mike Kelly, senior analyst with Seaport Global Securities, said in a Dec. 14 report.

"Overall we’re very encouraged to see strong Meramec results extending well beyond the 47,000 net acres management previously deemed derisked across the overpressured oil window of its 186,000 net acre Stack footprint," Kelly said. "We think additional results to the Southwest in fiscal year 2017 [including Continental’s Anderson Half 1-30-19 XH] will be important catalysts in further delineating the extent of the condensate window of the play, a meaningful net asset value driver for Continental, in our eyes."

As a result of strong production in both North Dakota and Oklahoma, Continental said it increased its expected production exit rate for December. The company now expects to exit 2016 with production in a range of 213,000-218,000 boe/d, compared with the previous guidance range of 205,000-210,000 boe/d.

Continental added it expects to maintain about the same production level through first-quarter 2017.