Continental Resources said Thursday that it has sold non-strategic assets in North Dakota and Montana for $222 million.
The Oklahoma-based company sold 68,000 net acres of leasehold primarily in western Williams County, North Dakota and 12,000 net acres of leasehold in Roosevelt County, Montana to an undisclosed buyer.
The sale also includes net production of about 2,800 barrels of oil equivalent per day.
An expected closing date wasn’t disclosed.
The sale marks the company’s third non-strategic asset sale this year.
In May 2016, the company announced the sale of 132,000 net acres of leasehold in the Washakie Basin in Wyoming for $110 million.
Earlier this month, Continental signed a definitive purchase and sale agreement with an undisclosed buyer to sell 29,500 net acres of non-strategic leasehold in the eastern SCOOP play in Oklahoma for $281 million.
Continental CEO and chairman Harold Hamm said his company expects more than $600 million in total proceeds from the three sales.
Hamm added that the North Dakota and Montana sale has not altered the company’s guidance for the year.
“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 provides the company with a robust platform for high-value future growth,” Hamm said.
The $560 million investment includes both operated and non-operated drilled but uncompleted wells (DUCs), with 80 percent of the wells located in North Dakota.
Continental currently has about 215 gross operated DUCs in inventory, with 165 of those wells located in the Bakken.
The company expects that figure to grow to about 240 gross operated DUCs by the end of 2016, with about 190 wells in the Bakken.
Continental said its Bakken DUCs have an average estimated ultimate recovery of 850,000 boe per well and can be completed at an average cost of between $3 million to $3.5 million per well.
