Newspaper article THE JOURNAL RECORD

Continental to Sell Properties for $222 Million

Newspaper article THE JOURNAL RECORD

Continental to Sell Properties for $222 Million

Article excerpt

OKLAHOMA CITY - Continental Resources has a definitive agreement with an undisclosed buyer to sell non-strategic properties in North Dakota and Montana for $222 million.

The sale includes 68,000 net acres of leasehold primarily in western Williams County, North Dakota, and 12,000 net acres of leasehold in Roosevelt County, Montana. The sale also includes net production of 2,800 barrels of oil equivalent per day.

"This is our third sale of non-strategic assets this year, with total expected proceeds of more than $600 million," said Harold Hamm, chairman and CEO of Oklahoma City-based Continental. "We plan to apply proceeds to reduce debt and strengthen our balance sheet."

In May, Continental announced the sale of 132,000 net acres of leasehold in the Washakie Basin in Wyoming for $110 million. …

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