Independent exploration and production firm Continental Resources has announced the execution of a definitive agreement to acquire oil producing properties in North Dakota and Montana from an affiliate of Chesapeake Energy for $60 million.
Continental stated that the Williston basin properties produce approximately 700 barrels of oil equivalent per day. As of December 2007, proved reserves for the properties were estimated at approximately four million barrels of oil equivalent.
Jeff Hume, senior vice president of operations at Continental Resources, said: This group of oil properties is high quality and will fit well with our existing Williston basin assets. We will assume operations on all of the 32 gross wells.