Continental Resources Inc said it will purchase privately held Wheatland Oil Inc's assets for $340 million, to add to its position in the Bakken basin, which makes up more than half its output. The assets include 37,900 net acres in the North Dakota and Montana Bakken play and interests in more than 1,000 gross wells. The assets produced 2.5 thousand barrels of oil equivalent per day as of December 2011.Surging oil prices have been a boon for Continental, since crude made up 73 percent of its 2011 output. It now ranks among the top 10 U.S. exploration and production companies by value.Continental said it expects to issue between 3.90 million and 4.25 million shares to fund the purchase price.Harold Hamm, Continental's chief executive and majority shareholder, owns 75 percent of Wheatland.
Continental Resources, Inc. (Continental Resources) is an independent crude oil and natural gas exploration and production company with operations in the North, South and East regions of the United States. Shares of CLR remained unchanged at $87.19. In the past year, the shares have traded as low as $42.43 and as high as $97.19. On average, 1415040 shares of CLR exchange hands on a given day and today's volume is recorded at 500.
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