Reuters: Mergers News: UPDATE 1-Continental Resources to buy oil assets for $340 million

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Continental Resources to buy oil assets for $340 million Mar 28th 2012, 11:33 March 28 | Wed Mar 28, 2012 7:33am EDT March 28 (Reuters) - Continental Resources Inc said it will buy privately held Wheatland Oil Inc's assets for $340 million, to add to its position in the Bakken basin, which makes up more than half its output. The assets include 37,900 net acres in the North Dakota and Montana Bakken play and interests in more than 1,000 gross wells. The assets produced 2.5 thousand barrels of oil equivalent per day as of December 2011. Surging oil prices have been a boon for Continental, since crude made up 73 percent of its 2011 output. It now ranks among the top 10 U.S. exploration and production companies by value. Continental said it expects to issue between 3.90 million and 4.25 million shares to fund the purchase price. Harold Hamm, Continental's chief executive and majority shareholder, owns 75 percent of Wheatland. Continental's shares, which have gained about 30 percent so far this year, closed at $87.19 on Tuesday on the New York Stock Exchange.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions