Continental Resources (CLR) Ninth STACK Well Goes Online

Leading domestic independent oil producer, Continental Resources, Inc. (NYSE:CLR) announced the completion of Verona 1-23-14XH well. The well is located in the over-pressured oil window of Oklahoma's STACK play. It flowed at an initial 24-hour test rate of 3,339 barrels of oil equivalent per day. This comprised 2,345 barrels of oil, or 70% of production, and 6.0 million cubic feet of 1,370 Btu (British thermal units) natural gas.

The newly completed well is Continental Resources’ ninth completed well in the over-pressured oil window of STACK. The company is in the process of completing four additional Meramec wells. Continental currently has 11 operational rigs drilling in STACK, with six targeting the Meramec zone and five targeting the Woodford zone.

Oklahoma City-based Continental Resources is an independent exploration and production company focused on the Bakken, Cana and Niobrara shale plays. In the first quarter of 2016, net production totaled 21.0 million oil-equivalent barrels (Boe), or 230,800 Boe per day, reflecting an increase of 3% from fourth-quarter 2015 and 12% from first-quarter 2015. Total net production included 146,500 barrels of oil per day (63% of production) and 506.0 million cubic feet (MMcf) of natural gas per day (37% of production).

The company operates in the North, South and Eastern regions of the U.S. Its North region – north of Kansas and west of the Mississippi river – comprises North Dakota Bakken, Montana Bakken, the Red River units and the Niobrara play in Colorado and Wyoming. The Southern region includes Kansas and all properties south of Kansas and west of the Mississippi river, and comprises the Anadarko Woodford and Arkoma Woodford plays in Oklahoma.

Continental Resources currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the oil and gas sector include CVR Refining, LP (NYSE:CVRR) , McDermott International Inc. (NYSE:MDR) and Braskem S.A. (NYSE:BAK) . Each of these stocks sports a Zacks Rank #1 (Strong Buy).

MCDERMOTT INTL (MDR): Free Stock Analysis Report

BRASKEM SA (BAK): Free Stock Analysis Report

CONTL RESOURCES (CLR): Free Stock Analysis Report

CVR REFINING LP (CVRR): Free Stock Analysis Report

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