Continental Resources announces the execution of a definitive agreement to acquire producing oil properties in North Dakota and Montana from an affiliate of Chesapeake Energy Corporation for $60 million. The Williston Basin properties currently produce approximately 700 barrels of oil equivalent per day. As of December 2007, proved reserves for the properties were estimated at approximately 4 million barrels of oil equivalent.
"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 (29 net) wells. The average daily gross production per well rate of 38 barrels equivalent is relatively high for mature wells," said Jeff Hume, Continental Resources Senior Vice President of Operations.
