Continental Resources Signs Memorandum of Understanding with Petróleos de Venezuela, S.A. (PDVSA) to Operate and Develop the Ayacucho 2 Block in Venezuela's Orinoco Belt

OKLAHOMA CITY, Sept. 16, 2026 /PRNewswire/ -- Continental Resources, Inc. (Continental) today announced the signing of a Memorandum of Understanding (MOU) with Petróleos de Venezuela, S.A. (PDVSA) to operate and develop the Ayacucho 2 Block in Venezuela's Orinoco Oil Belt, one of the world's most prolific oil-producing regions. The parties intend to advance a long-term Contrato de Participación Productiva (CPP) agreement in the coming weeks.

Following the Trump Administration's call for American energy companies to help rebuild Venezuela's oil industry, Continental undertook an independent evaluation of opportunities in the country. That evaluation, together with Venezuela's revised hydrocarbon legal framework, provided a path for Continental to pursue this opportunity.

Located north of the Orinoco River in Venezuela's Anzoátegui state, the Ayacucho 2 Block encompasses approximately 126,000 acres with an estimated 30 billion barrels of resource in place. Upon execution of the CPP, Continental will operate the block with a 100% working interest.

Ayacucho 2 represents one of the most significant resource opportunities in Continental's nearly 60-year history, substantially expanding the Company's long-term development inventory and adding another world-class asset to its portfolio. Continental's expansion into Venezuela builds on a portfolio anchored by its leading U.S. asset base and growing international presence, including Argentina's Vaca Muerta.

"We are excited to participate in the revitalization of Venezuela's energy industry, bringing further economic strength to Venezuela and its people as well as global energy markets. Ayacucho 2 is an extraordinary addition to our portfolio and will contribute significantly to Continental's growth trajectory," said Doug Lawler, President and Chief Executive Officer of Continental Resources.

"Continental was built to recognize great resource opportunities and have the conviction to pursue them," said Harold Hamm, Founder and Chairman Emeritus of Continental Resources. "What this company is doing today builds on that foundation while taking Continental to an entirely new level. I could not be more proud of the company, our people and the future we are building."

Through this MOU, Continental has the opportunity to bring significant private capital, technology, technical expertise and large-scale operating capability to the redevelopment of Venezuela's oil industry. The Company will continue to evaluate additional opportunities in Venezuela, the United States, and around the world.

About Continental Resources

Continental Resources, Inc. is the world's largest privately held oil and natural gas producer. Headquartered in Oklahoma City, Oklahoma, Continental has built a legacy of innovation in unconventional resource development and is driving the next chapter of global energy growth.

The Company maintains a leading resource position anchored by four core U.S. assets: it is a leading producer in the Bakken formation of North Dakota, South Dakota and Montana, as well as the Anadarko Basin of Oklahoma, and holds significant, high-quality resource positions in Wyoming's Powder River Basin and the Permian Basin of Texas.

Internationally, Continental is building a portfolio of world-class resources that now includes Argentina's Vaca Muerta shale formation, a joint platform to develop unconventional resources in Turkey's Diyarbakır Basin, and the Ayacucho 2 Block in Venezuela's Orinoco Oil Belt.

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SOURCE Continental Resources