Continental to acquire Bakken oil assets for $340m

Continental Resources has agreed to purchase the assets of Wheatland Oil of Enid amounting to 37,900 net acres in the Bakken Play for a total consideration of $340m.

The deal will increase Continental’s extensive holdings in the Bakken resource play in North Dakota and Montana.

Wheatland’s principal assets are an ownership of about 5% of the interest acquired by Continental Resources in all leases and wells in a portion of the Bakken play, as a result of an earlier agreement in 2002.

Wheatland’s assets include 37,900 net acres in the North Dakota and Montana Bakken play and interests in more than 1,000 gross wells, with net proved reserves of 17 million barrels of oil equivalent and production of 2.5 thousand barrels of oil equivalent per day in 2011.

Wheatland is owned 75% by the Revocable Inter Vivos Trust controlled by Harold G. Hamm, with 25% by Jeff Hume, president and chief operating officer of Continental Resources.