Oklahoma City-based Continental Resources, Inc. will sell a portion of its non-strategic properties in North Dakota and Montana to an undisclosed buyer for $222 million, according to an announcement issued by the company on Thursday.
The sale includes 68,000 acres of leasehold primarily in western Williams County, North Dakota, with 12,000 acres in Roosevelt County, Montana. The sale also includes net production of approximately 2,800 barrels of oil equivalent (Boe) per day, according to the press release.
Continental is the largest leaseholder and one of the largest producers in the Bakken field.
“This is our third sale of non-strategic assets this year, with total expected proceeds of more than $600 million. We plan to apply proceeds to reduce debt and strengthen our balance sheet,” said Harold Hamm, Continental’s Chairman and Chief Executive Officer.
In recent months, the independent oil producer has been shedding inessential assets as it focuses on core properties.
In May, Continental announced the sale of nearly 132,000 acres in Wyoming’s Washakie Basin for $110 million.
Earlier this month, Continental reported it had signed an agreement to sell almost 30,000 acres of non-strategic leasehold in the eastern SCOOP play for $281 million.
“Our guidance for the year has not changed. The combination of Continental’s high quality drilling inventory, strong balance sheet and $560 million investment in drilled but uncompleted wells (DUCs) provides the Company with a robust platform for high-value future growth,” said Hamm.