Leading Bakken oil producer,
Continental Resources Inc.
) announced an exchange offer of up to $1.5 billion 4.5% senior
notes due in 2023. The company aims to fulfill its obligation of
registering private notes through this offering, which is
expected to close on Jul 12, 2013.
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Continental priced these notes back in April in a private
placement. Net proceeds from the offering were used to repay the
company's borrowings outstanding under its revolving credit
facility and for general corporate purposes.
Oklahoma-based Continental is an independent exploration and
production (E&P) company focusing on the Bakken, Cana and
Niobrara shale plays. It has leases nearly 1.1 million acres in
the Bakken Shale region.
The company operates in the North, South and Eastern regions of
the U.S. Its North region is north of Kansas and west of the
Mississippi river and comprises North Dakota Bakken, Montana
Bakken, the Red River units and the Niobrara play in Colorado and
Wyoming. The first two hold maximum promise for Continental.
The Southern region includes Kansas and all properties south of
Kansas and west of the Mississippi river, comprising the Anadarko
Woodford and Arkoma Woodford plays in Oklahoma. The Anadarko and
Arkoma Woodford plays are the second most important for the
Continental currently carries a Zacks Rank #3 (Hold), implying
that it is expected to perform in line with the broader U.S.
equity market over the next one to three months.
Meanwhile, certain other U.S. E&P firms like
Anadarko Petroleum Corporation
EOG Resources Inc.
) are expected to outperform the equity market in the next one to
three months. All the three stocks currently hold Zacks Rank #2