Harold Hamm, Founder and Executive Chairman of Continental Resources, Inc., purchased 4,736,264 shares of the energy company’s common stock on the open market from June 22, 2020 to June 25, 2020 at market prices, according to a Continental Resources press release issued Monday. Hamm’s total holdings amount to 289,659,385 shares, or approximately 79.3% of the Company’s total common shares outstanding at April 30, 2020.
Hamm also entered into a 10b5-1 plan pursuant to Rule 10b5-1 under the U.S. Securities Exchange Act of 1934, as amended. It is Hamm’s intention to acquire shares of Continental Resource’s common stock consistent with certain timing, volume and price limitations. The 10b5-1 trading plan was entered into on June 25, 2020.
“I firmly believe Continental’s current share price reflects an uncommon value as the global pandemic has negatively impacted worldwide crude oil demand,” said Hamm. “Recent purchases underscore my confidence in the Company’s continued operational excellence and strong financial performance. Continental is poised to deliver significant shareholder value for many years to come and I believe there is no management team more aligned with shareholders than Continental.”
Based in Oklahoma City, Continental Resources is a top 10 independent oil producer in the U.S. The company is the largest leaseholder and producer in the Bakken field located in North Dakota and Montana. Continental Resources also has significant positions in Oklahoma, including its SCOOP Woodford and SCOOP Springer discoveries and the STACK plays. Continental Resources will celebrate 53 years of operations in 2020.