March 30, 2012
/PRNewswire/ -- The energy law firm of Burleson LLP announced today that it represented Wheatland Oil, Inc. in a
transaction to sell assets in the Bakken shale play to Continental Resources, Inc. (NYSE: CLR).
In connection with the transaction, Continental Resources will acquire 37,900 net acres in
as well as interests in more than 1,000 gross wells. As of
, the net proved reserves of the wells were estimated at 17 MMBoe (million barrels of oil equivalent) with production of 2.5 MBoepd (thousand barrels of oil equivalent per day).
's Energy Practice team was led by
Gary C. Johnson
, a partner in the
office. Team members included
Philip M. Kinkaid
Kenneth M. Krasny
, Allan R. Conge and
Stefanie C. Vincent
. Johnson noted that "
is pleased to have
as a client. Facilitating complex resource play transactions is one of the core strengths of our energy deal teams."
The purchase price of
is anticipated to result in the issuance of between 3.90 million and 4.25 million shares of Continental Resources' common stock to
, subject to customary purchase price adjustments. The number of shares will be determined based on a 20 day average of the daily sale prices prior to closing of the transaction, subject to a floor of
per share and a ceiling of
per share. If approved, the transaction will conclude with a statutory reorganization of
under the Internal Revenue Code.
At its upcoming 2012 Annual Meeting of Shareholders, Continental Resources will seek the required shareholder vote to approve the transaction, in accordance with the agreement and the rules of the New York Stock Exchange.