Continental Resources, Inc. (CLR: Quote) announced that its shareholders have approved its purchase of the assets of Wheatland Oil Inc. of Enid, Oklahoma.
Wheatland's principal assets are an ownership of approximately 5% of the interest acquired by Continental Resources in all leases and wells in a defined portion of the Bakken play pursuant to a participation agreement effective January 1, 2002.
The transaction is expected to be completed on Monday, August 13, 2012 by the transfer of approximately 3.9 million shares of Continental Resources common stock to the owners of Wheatland Oil.
Wheatland is owned 75% by the Revocable Inter Vivos Trust of Harold G. Hamm, of which Harold Hamm is sole trustee and beneficiary, and 25% by Jeff Hume. Hamm is Chairman of the Board, Chief Executive Officer and the majority shareholder of Continental Resources. Hume is Vice Chairman of Strategic Growth Initiatives of Continental Resources.
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by RTT Staff Writer
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