Continental Resources buying Williston basin properties

By OGJ editors
HOUSTON, Jan. 15 -- Continental Resources plans to acquire producing oil properties in North Dakota and Montana from an affiliate of Chesapeake Energy Corp. for $60 million.

The Williston basin properties currently produce 700 boe/d. As of yearend 2007, estimated proved reserves for the properties were 4 million boe.

A Continental Resources spokesman said the properties being acquired fit well with the company's existing Williston Basin assets. The Enid, Okla., company will assume operations on 32 gross (29 net) wells.

Continental Resources has US exploration and production operations in the Rocky Mountains, Midcontinent, and Gulf Coast regions. The company completed its initial public offering in May 2007.

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