Casillas Petroleum Resource Partner LLC said Oct. 17 it closed on the purchase of Continental Resources Inc.'s (NYSE: CLR) Scoop assets in Oklahoma for $294 million.
In August, Continental said it agreed to sell "non-strategic leasehold" located primarily on the eastern side of the Scoop. The Oklahoma City-based company plans to use proceeds to pay down debt.
In the deal, Casillas acquired about 30,000 net acres (90% HBP) in Garvin, Grady and McClain counties in Oklahoma. The assets produce 550 net barrels of oil equivalent per day.
RELATED: Continental Purges Unwanted Scoop Acreage To Pay Debts
The acquisition boosts Casillas footprint in the Scoop to more than 42,000 net acres, with "immediate" development potential in the Woodford and Springer shales, said Greg Casillas, president and CEO of Casillas.
"This bolt-on acquisition is an excellent strategic fit for Casillas as we continue to build a highly contiguous, HBP and operated position in the Scoop," he said in a statement.
At closing, Continental retains about 384,000 net acres in the Scoop, where the company has long been a dominant player.
Casillas Petroleum Resource Partners is a Tulsa, Okla.-based partnership between Casillas Petroleum Corp. and Kayne Anderson Energy Funds.
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