In announcing its second quarter loss of more than $119 million this week, Oklahoma City-based Continental Resources Inc. also revealed it is selling more than 29,000 net acres in the SCOOP play to pay down some of its debt. Continental has been a major player in the southern part of the state and despite the sale, it will continue to be dominant in the region. However, the company is making a stronger play to the north.
The buyer was not disclosed but the sale involves $281 million in land located on the eastern side of the SCOOP. Continental will still maintain about 384,000 net acres in the play following the sale, according to Jack Start, Continental President and COO.
But Continental has added to its holdings in the STACK, acquiring at least 12,000 more acres in the second quarter and 27,000 more acres since June of last year. It now has 183,000 net acre holdings in Blaine, Dewey and Custer Counties in the state.
Continental’s growth into the STACK comes as Newfield Exploration and Devon Energy have announced expansions of operations into the play.