Continental Resources reports record STACK oil well

OKLAHOMA CITY -- Continental Resources has announced the completion of 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-hr test rate of 3,339 boed, comprised of 2,345 bbl of oil, or 70% of production, and 6.0 MMcf of 1,370-Btu natural gas. The Verona is producing from the Meramec reservoir through a 9,700-ft lateral at a flowing casing pressure of approximately 2,400 psi, on a 34/64-in. choke.

"The Verona is another example of the exceptional results we are getting from wells drilled in the over-pressured oil window of STACK," said Harold Hamm, chairman and CEO. "We couldn't be more pleased with the performance of our wells in STACK and the addition of this outstanding asset to our portfolio. Our STACK team also completed the Verona at a cost of approximately $9.0 million, which is $500,000 less than our year-end 2016 target cost for two-mile lateral wells in the over-pressured oil window. This is the company's lowest cost completion in STACK to date."

The Verona is the company's ninth well completed in the over-pressured oil window of STACK, and all have been strong producers. 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.

Located in Blaine County, Oklahoma, the Verona is immediately east of the company's Ludwig unit, where Continental 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 2016 earnings release.