Continental Resources strengthened its position in North Dakota by winning the right to drill on an additional 160 acres located near the Fort Berthold Indian Reservation.
Continental’s Harold Hamm spent 2.3 million for the privilege at a state land auction last Friday, beating out the competition in the last 30 seconds of bidding. The funds from this sale are earmarked for educational uses around the state.
Even as Continental announced it would slash its budget by 48%, CEO Harold Hamm remained publicly optimistic about his company’s ability to navigate the rough waters.
The Bakken continues to be the backbone of Continental’s operations. The company is the largest acreage holder in the Bakken and the second largest oil producer in the region. In February, Continental announced that Bakken production was up 30% over last year and overall output was expected to jump 20% for 2015.