Continental Resources Inc., Oklahoma City, sold water properties in the STACK play of Oklahoma and expanded its leasehold in the neighboring SCOOP play.
The company sold its eastern STACK water gathering and recycling system in Blaine County to Lagoon Water Solutions for $85 million. It also entered a long-term arrangement with the buyer for water sourcing, gathering, and disposal for future development.
Continental owns and operates three other water systems in Oklahoma and ten systems in the Bakken play of North Dakota and Montana.
In the SCOOP play, the company added as many as 150 gross operated Early Mississippian-Late Devonian Woodford and Mississippian Sycamore locations in a $79.5 million acquisition from an undisclosed seller.
Continental said drilling and completions associated with the acquisition will boost 2019 spending by an unbudgeted $20 million.
A further $35 million in unbudgeted 2019 spending will result from trades that have added 3,000 net acres to Continental’s leasehold in core operating areas.
