BISMARCK, N.D. — One of the oldest and biggest operators in North Dakota’s oil patch says it’s acquiring more acreage in the state.
Oklahoma City-based Continental Resources Inc. says it has entered into an agreement to acquire producing and undeveloped properties for $650 million. The leased property includes about 120,000 acres, primarily in Divide and Williams counties.
Continental says it is currently the largest leaseholder in the Bakken, with more than 984,000 acres. The company says the proposed acquisition will increase the total to 1.1 million acres.
Continental has been drilling for more than two decades in North Dakota and was among the first to tap a Bakken well in 2004 using horizontal drilling technology.