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.

Related Articles

Gasoline price games

03/24/2014 Let's assume you're a typical American, typically scornful of the oil and gas industry. You don't work for the industry. You don't know much about ...

OGJ Newsletter

03/24/2014

International news for oil and gas professionals

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

Millennium Pipeline appoints president

03/20/2014 Millennium Pipeline Co. LLC has selected Joseph Shields as its president. He succeeds Rocco D’Alessandro, who held the position beginning in May 20...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected