Oklahoma City-based Continental Resources, Inc. says it has struck a huge well in Blaine County, one producing more than 3,300 barrels of oil equivalent a day.
Drilled in the STACK, the well is an industry record well, according to the announcement by Continental Resources. The Verona well flowed at an initial 24-hour test rate of 3,339 barrels of oil equivalent a day, comprised of 2,345 barrels of oil or 70% of production and 6.0 million cubic feet of 1,370-Btu natural gas.
The company said the Verona is producing from the Meramec reservoir through a 9,700-foot lateral at a flowing casing pressure of nearly 2,400 psi no a 34/64-inch 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 Chief Executive Officer. “We couldn’t be more pleased with the performance of our wells in STACK and the addition of this outstanding asset to our portfolio.”
He said the Verona was completed at a cost of $9 million or about $500,000 less than the year-end 2016 target cost for two-mile lateral wells. Hamm also said the Verona was the company’s lowest cost completion in the STACK to date. It was also the company’s ninth well completed in the over-pressured oil window of STACK. Four more are being completed in the Meramec reservoir. But Continental also has 11 operated rigs drilling in the STACK with six targeting the Meramec zone and five targeting the Woodford zone.
Continental said the Verona is located just east of the Company’s Ludwig unit where the firm is drilling an eight-well density pilot, its first in the STACK play. results from the Ludwig density pilot aren’t expected to be released until the third quarter 2016 earnings release.
Of Continental’s 171,000 net acres of leasehold in the STACK, an estimated 95% is in the over-pressured window.
