Later, 6:49 a.m. Central Time: I misread the CLR press release. A reader noted it (see first comment). The original post has been updated to reflect my mistake. I hope I got it right this time. A big "thank you" to the reader for catching this. I highlighted the pertinent changes in bold.
On July 19, 2016, Devon reported its record Meramec well in STACK:
In the overpressured oil window in southwest Kingfisher County, the Pony Express 27-1H well, drilled with a 5,000-ft lateral, recorded a 30-day average rate of 2,100 boe/d, 70% oil.I suppose, 0.7 x 2,100 = 44,000 bbls of oil / over the first month (30 days). EOG, others have reported similar wells in the Bakken but generally it seems the better Bakken wells are running 12,000 to 20,000 bbls oil / month in the first two or three months of production.
Now CLR is reporting its record Meramec well in STACK (I assume the story / link will disappear over time). On May 17, 2016, CLR announced
.... the completion of an industry record well in the over-pressured oil window of Oklahoma's STACK play. The Verona 1-23-14XH flowed at an initial 24-hour test rate of 3,339 barrels of oil equivalent per day, comprised of 2,345 barrels of oil, or 70% of production, and 6.0 million cubic feet of 1,370-Btu natural gas (British thermal units). The Verona is producing from the Meramec reservoir through a 9,700-foot lateral at a flowing casing pressure of approximately 2,400 psi, on a 34/64-inch choke.Note:
- the Devon well was a short lateral, a 5,000-ft lateral: 2,100 boepd over 30 days, first month
- the CLR well was a long lateral, a 9,700-ft lateral: 3,339 boepd -- 24-hour IP rate
Interestingly enough, going back to the press release, it turns out CLR actually reports the cost of this well:
"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. 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."
The Verona is the Company's ninth well completed in the over-pressured oil window of STACK, and all have been strong producers. The Company is in the process of completing four additional Meramec wells. Continental currently has 11 operated rigs drilling in STACK, with six targeting the Meramec zone and five targeting the Woodford zone.
Located in Blaine County, Oklahoma, the Verona is immediately east of the Company's Ludwig unit, where Continental is currently 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 by the Company's third quarter 2016 earnings release.
As announced earlier in the month, at March 31, 2016 Continental had approximately 171,000 net acres of leasehold in the STACK play, 95% of which is in the over-pressured window.The "thing" that might be most surprising regarding this story. I follow the "Bakken revolution" pretty closely. I follow CLR pretty closely. I follow Filloon pretty closely. I get a lot of input from readers. And here it is, July 25, 2016, and this press release is dated May 17, 2016, and I didn't see it until now. And I just stumbled upon it.
This tells me one thing: folks have become so "numb" or so accustomed to record wells in tight US plays they no longer get headlines. Unfortunately, one wonders if Wall Street analysts / experts are missing these stories, also. Whatever.