Continental Resources Inc.’s Verona 1-23-14XH flowed 2,345 bo/d and 6 MMcfd of natural gas in an initial 24-hr test, the company reported. The Verona well is producing from the Meramec reservoir through a 9,700-ft lateral at a casing pressure of 2,400 psi on a 34/64-in. choke.
Continental Chief Executive Officer Harold Hamm cited the well as another example of positive results from the overpressured oil window of STACK. The well cost about $9 million, which is $500,000 less than Continental’s yearend 2016 target cost for 2-mile lateral wells in STACK. The Verona well was drilled in Blaine County, Okla., east of Continental’s Ludwig unit.
The Verona well is the independent’s ninth well in STACK’s overpressured oil window, and the company is completing four additional Meramac wells. It has 11 operated rigs drilling in STACK, with six targeting the Meramec and five drilling in Woodford, the company said.
In February, Continental slashed its budget by 66%, reporting capital expenditures for 2016 down to $920 million from its previously planned $2.7 billion for 2015 (OGJ Online, Feb. 8, 2016).
Continental has 171,000 net acres of leasehold in the STACK play, 95% of which is in the overpressured window.
Contact Tayvis Dunnahoe at firstname.lastname@example.org.