Thursday, December 20, 2012

Continental Completes Acreage Aquisition

Continental Resources, Inc. has completed the acquisition of 119,218 net acres in the Bakken field, primarily in Williams and Divide counties, North Dakota, from Samson Resources Company for $649.3 million in cash, subject to post-close adjustments. The acquisition includes production of approximately 6,500 barrels of oil equivalent per day (Boepd), of which 82 percent is crude oil. 

In addition, Continental completed the sale of properties and approximately 1,100 Boepd of production in its Eastern Region for $125 million in cash, subject to post-close adjustments.

Combined, the transactions are expected to reduce 2013 production operating costs per barrel of oil equivalent (Boe), compared with previous guidance, and increase production growth to a range of 35-to-40 percent. The Bakken transaction increases Continental's leasehold to 1.1 million net acres, further strengthening its position as the No. 1 acreage holder and producer in what the Company believes will prove to be the largest oil field in the nation.

Source: Continental Resources

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