Continental Resources CEO Harold Hamm has the Midas touch, turning anything into pure gold…in his case, it’s black gold.
The Oklahoma City-based energy company announced Wednesday that it set a new corporate record at a well in the Oklahoma STACK play. The Angus Trust well produced 4,642 boe/day in a 24-hour test, comprised of 2,088 barrels of oil and 15.3 million cubic feet of natural gas. During the test, the Angus Trust well flowed at 5,200 psi. Continental Resources has a 78% working interest in the well.
“The Angus Trust is another tremendous STACK Meramec well,” said Harold Hamm, Chairman and Chief Executive Officer of Continental Resources. “Aside from being a company record well, it further validates our perspective of the extent of the over-pressured oil window.”
The record well is located immediately north of Continental’s Boden well in south central Blaine County, according to a company press release. The Boden well initially produced 3,508 boe/day during a similar test. Over the past year, the Boden well has produced 591K boe/day. It currently produces 1,815 boe/day.
Continental Resources estimates its total completed well cost for the Angus Trust is $8.9 million, approximately 30% less than the Boden well. The Angus Trust’s 9,500-foot lateral was completed in 36 stages, with 20 million pounds of white sand, similar to the Boden.
As a result of strong production in both Oklahoma and the Bakken fields of North Dakota, Continental Resources has increased its production estimate for the year. The independent oil producer now expects to exit 2016 with a production range of 205,000 to 210,000 boe/day. Continental Resources expects to maintain the same production level through the first quarter of 2017.
It’s good to be King.