Continental Completes Acquisition, and Sale of Properties in Bakken Field; Shares Slightly Higher


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Continental Resources, Inc. ( CLR ) has completed the acquisition of 119,218 net acres in the Bakken field 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, of which 82% is crude oil.

In addition, CLR has 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%. 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities


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