By OGJ editors
HOUSTON, Feb. 23 -- Continental Resources Inc., Enid, Okla., said it initiated a process in the fourth quarter of 2010 to secure permits to develop four blocks totaling 67,000 net acres in the Paris basin in France.
Continental said it is pursuing the Paris basin opportunity in an 80-20 joint venture with Jordan Oil & Gas, Healdsburg, Calif. The two companies have worked together on several projects in North Dakota, and Jordan Oil & Gas has operating experience in France and other international oil and gas plays.
If awarded the 5-year permits, Continental and Jordan together would commit to invest at least $13.8 million over 4 years. The French government is expected to rule on the permit applications by yearend.
Continental said it believes it could recover large oil reserves from the permits using technology it has developed in the Bakken formation in North Dakota and Montana.