HOUSTON, March 30, 2012 /PRNewswire/ -- The energy law firm of Burleson LLP announced today that it represented Wheatland Oil, Inc. in a $340 million transaction to sell assets in the Bakken shale play to Continental Resources, Inc. (NYSE: CLR).
In connection with the transaction, Continental Resources will acquire 37,900 net acres in North Dakota and Montana as well as interests in more than 1,000 gross wells. As of December 2011, the net proved reserves of the wells were estimated at 17 MMBoe (million barrels of oil equivalent) with production of 2.5 MBoepd (thousand barrels of oil equivalent per day).
Burleson's Energy Practice team was led by Gary C. Johnson, a partner in the Houston office. Team members included Philip M. Kinkaid, Kenneth M. Krasny, Allan R. Conge and Stefanie C. Vincent. Johnson noted that "Burleson is pleased to have Wheatland as a client. Facilitating complex resource play transactions is one of the core strengths of our energy deal teams."
The purchase price of $340 million is anticipated to result in the issuance of between 3.90 million and 4.25 million shares of Continental Resources' common stock to Wheatland, subject to customary purchase price adjustments. The number of shares will be determined based on a 20 day average of the daily sale prices prior to closing of the transaction, subject to a floor of $80.00 per share and a ceiling of $87.18 per share. If approved, the transaction will conclude with a statutory reorganization of Wheatland under the Internal Revenue Code.
At its upcoming 2012 Annual Meeting of Shareholders, Continental Resources will seek the required shareholder vote to approve the transaction, in accordance with the agreement and the rules of the New York Stock Exchange.
About Burleson LLP
With more than 120 attorneys in offices in Houston, San Antonio, Pittsburgh, and Denver, Burleson LLP is the largest full-service law firm in the country devoted specifically to the oil and gas sector. We are unique in being on the ground in the key markets serving the unconventional shale plays and bring a distinct blend of legal understanding and technical skill to our practice. Our attorneys have worked as petroleum engineers, chemists, landmen, and geologists, and more than a third have served as inside legal counsel for oil and gas companies. These qualifications – combined with Burleson's broad geographic reach and comprehensive scope of services – has earned the firm a reputation for providing clients with the most seasoned, energy-specific legal services team the industry has to offer. For further information, visit www.burlesonllp.com.