Continental Resources Inc. said Tuesday it set an industry record with a completion in Oklahoma's Meramec formation.
The Verona 1-23-14XH in Blaine County flowed at an initial production rate over 24 hours of 3,339 boe/d, comprised of 2,345 bbl of oil, or 70% of production, and 6.0 MMcf of natural gas. The Verona is producing from the Meramec within the Sooner Trend of the Anadarko Basin, mostly in Canadian and Kingfisher counties, i.e. the STACK.
Verona has a 9,700-foot lateral, and the well has a flowing casing pressure of 2,400 psi on a 34/64-inch choke.
To put the Verona well in context, Chesapeake Energy Corp. in February reported that it had completed three Meramec wells (see Shale Daily, Feb. 24). The Rouce 4-17-10 1H reached peak production of 1,260 boe/d, with the Wittrock 16-16-9 1H at 2,240 boe/d. The Stangl 36-16-9 1H reached 1,480 boe/d after eight days of flowback.
"The Verona is another example of the exceptional results we are getting from wells drilled in the over-pressured oil window of STACK," said CEO Harold Hamm. "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."
Gastar Exploration Inc. reported in January that its first Meramec well produced at a gross post initial production rate over 30 days of 956 boe/d, 68% weighted to oil (see Shale Daily, Jan. 12). The well in Kingfisher County produced at a peak 24-hour rate of 1,094 boe/d (71% oil) in December (see Shale Daily, Dec. 17, 2015).
Hamm and his management team have enthused about Meramec results for months (see Shale Daily, May 6).
Verona is Continental's ninth STACK completion to date, with four additional Meramec wells underway. The Oklahoma City-based independent has 11 operated rigs drilling in the reservoir, with six targeting the Meramec and five targeting the Woodford Shale zone.
The well is east of the company's Ludwig unit, where Continental is 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 later this year.
At the end of March, Continental had 171,000 net acres of leasehold in the STACK play, 95% in the over-pressured window.