Continental Resources’ Angus Trust 1-4-33XH produced 4,642 BOE during its 24-hour IP test

Oklahoma City-based Continental Resources (ticker: CLR) announced that its recently completed Angus Trust 1-4-33XH has set a company IP record. The well, which was drilled in the over-pressured oil window of the Oklahoma STACK play, produced 4,642 BOE (45% oil) in a 24-hour test, comprised of 2,088 barrels of oil and 15.3 MMcf of natural gas. During the production test, the Angus Trust flowed at 5,200 psi, according to the company’s press release.

The well was drilled 9,500 lateral feet and utilized 36 stages and 2,100 pounds of sand per foot. Angus Trust tested with a lower oil cut, but higher overall flow rate than wells drilled north east in Blaine country.

The well cost came in at $8.9 million, slightly higher than current STACK Meramec targets of $8.5 million, likely due to the depth of the landing zone, said a note from Wells Fargo Securities Wednesday.

Strong well results prompt Continental to increase production expectations

In addition to the announcement of the record well, CLR also revised its December production exit rate higher. Continental is now anticipating production in the range of 213-218 MBOEPD at the end of December, up from a previous guidance range of 205-210 MBOEPD. The company said it expects to hold approximately this level of production through the first quarter of next year.

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