OKLAHOMA CITY — Oklahoma oil and gas leader is seeking to acquire all the outstanding shares of common stock of Continental Resources.
The Hamm Family collectively holds approximately 299.7 million shares or 83% of the total outstanding shares of Common Stock, according to a May 4 Securities and Exchange Commission quarterly report.
Continental Resources is an Oklahoma City-based petroleum and natural gas exploration and production company. The company was founded by Harold Hamm in 1967 as Shelly Dean Oil Company and later renamed in 1990 as Continental Resources.
The proposal to acquire each outstanding share of Common Stock for $70 in cash delivers certain and significant value and liquidity to Continental's shareholders, according to a statement released by Harold G. Hamm.
In addition, the proposed consideration represents:
A 9% premium to the closing price of the Common Stock on June 13;
An 11% premium to the volume-weighted average price of the Common Stock over the last 30 trading days through June 13; and
A 21% premium to the volume-weighted average price of the Common Stock traded during 2022.
It should be noted that Continental's Common Stock has appreciated more than 82% during the last twelve months of trading, Hamm’s release stated.
The Board intends to establish a special committee consisting of independent directors of the Board to consider the proposal.
Continental Resources, known for its use of shale oil, is Oklahoma's fourth-largest public company. It is a top 10 independent oil producer in the country 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 has newly acquired positions in the Powder River Bain of Wyoming and Permian Basin of Texas.
Continental Resources is ranked 818th on the Fortune 500 list.