Continental to buy Wheatland, Bakken interests

By OGJ editors

Continental Resources Inc., Oklahoma City, will buy the assets of Wheatland Oil Inc., Enid, Okla., which consist of 5% of the interest acquired by Continental Resources in all leases and wells in a defined part of the Bakken play pursuant to a participation agreement effective Jan. 1, 2012.

The purchase price of $340 million is anticipated to result in the issuance of 3.90 million to 4.25 million Continental Resources common shares, subject to customary purchase price adjustments.

Wheatland’s assets include 37,900 net acres in the North Dakota and Montana Bakken play and interests in more than 1,000 gross wells. The assets have net proved reserves of 17 million bbl of oil equivalent as of the end of 2011 and produced 2,500 boe/d in December 2011.

Wheatland is owned 75% by the revocable trust of Harold G. Hamm, of which Harold Hamm is sole trustee and beneficiary, and 25% by Jeff Hume. Hamm is chairman, chief executive officer, and majority shareholder of Continental Resources, and Hume is its president and chief operating officer.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...