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Continental Resources To Sell STACK Water Handling Facility For $85 Mln

Continental Resources, Inc. (CLR) said it has agreed to sell its eastern STACK water gathering and recycling system in Blaine County, Oklahoma for $85 million to Lagoon Water Solutions.

Along with the divestiture, Continental has entered into a long-term deal with Lagoon to provide water sourcing, gathering and disposal services for Continental's future development in the area.

Continental owns and operates three additional water infrastructure systems in Oklahoma, as well as ten additional systems in the Bakken.

In addition, Continental said it has acquired additional leasehold in SCOOP from an undisclosed party for $79.5 million. The company noted that the acquisition adds up to 150 gross operated Woodford and Sycamore locations to it's inventory.

Continental added its mineral acquisitions activity for the year has been front end loaded, with over 75 percent of the allocated $125 million spent in the first half of 2019.

Continental and Franco-Nevada have agreed to increase the total mineral spend in 2019 from $125 million to $150 million, in order to capitalize on favorable market conditions. Continental noted it will recoup 80 percent of the total spend from Franco-Nevada throughout the year.

Year-to-date, Continental has executed several strategic acreage trades that have added 3,000 net acres within its core operating areas.

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