The Wheatland Oil is owned 75% by Harold G Hamm and 25% by Jeff Hume. Hamm is the majority shareholder of Continental Resources, is the CEO and chairman whereas Hume is vice chairman of strategic growth initiatives of Continental Resources.
The main assets of Wheatland are about 5% ownership interest in all the leases and wells acquired by Continental Resources in a defined portion of the Bakken play, under a participation agreement.
Wheatland’s assets include 37,900 net acres in the North Dakota and Montana Bakken play and interests in over 1,000 gross wells.
The well have a net proved reserves of 17 million barrels of oil equivalent as of year-end 2011 and production of 2.5 thousand barrels of oil equivalent per day in December 2011.
Continental Resources formed a committee of disinterested board of directors of the company to evaluate the acquisition. Evercore
Partners served as independent financial advisor for the committee and Weil, Gotshal & Manges served as independent counsel for the committee.
US based Continental Resources is a petroleum liquids producer.
