Published: October 18, 2022 |

[Click image to enlarge]

Oil tycoon Harold Hamm is taking private the company he founded, Continental Resources, in a deal that values the independent oil producer at $27 billion.

Hamm’s Omega Acquisition entered into an agreement Monday to buy all remaining outstanding shares of the independent oil producer for $74.28 per share.

Based on the shares outstanding as of Oct. 12, the energy billionaire’s tender offer is worth $4.3 billion for approximately 58 million shares. Hamm and his family already own approximately 83 percent of Continental’s common stock.

The move comes after Hamm, the chair of Continental Resources’ board, announced a proposal in June to acquire the remainder of the company’s outstanding shares for $70 per share.

Continental Resources, which went public in 2007, is among the top 10 independent oil producers in the United States.

It is the largest leaseholder and largest producer in the nation’s premier oil field, the Bakken play of North Dakota and Montana. It is also the largest producer in the Anadarko Basin of Oklahoma, the second-largest leaseholder in the Powder River Basin of Wyoming and tenth largest in the Permian Basin of Texas.

The merger agreement was approved by Continental’s board following a unanimous recommendation from a special committee comprised of solely independent and disinterested directors.

Under the agreement, Continental will not pay dividends between the deal’s signing and the closing of the transaction. The offer price, which represents a 15 percent premium to the stock’s closing price of $64.50 on June 13, includes 28 cents in lieu of the company’s anticipated dividend for the third quarter of 2022.

The deal, which does not require a vote by the company’s shareholders, is expected to close before the end of 2022, subject to the satisfaction of customary closing conditions.

Source: Fox Business

About Continental Resources
Continental Resources is a top 10 independent oil producer in the U.S. and a leader in America’s energy renaissance. Based in Oklahoma City, Continental is the largest leaseholder and the largest producer in the nation’s premier oil field, the Bakken play of North Dakota and Montana. Continental is also the largest producer in the Anadarko Basin of Oklahoma and is the second largest leaseholder in the Powder River Basin of Wyoming and tenth largest in the Permian Basin of Texas. With a focus on the exploration and production of oil, Continental has unlocked the technology and resources vital to American energy independence and our nation’s leadership in the new world oil market. In 2022, Continental will celebrate 55 years of operations.

To stop by Continental’s website, CLICK HERE

Be in-the-know when you’re on-the-go!