The 29,500-acre package is located on the eastern side of the Scoop and produces around 550 barrels of oil per day net. Following the deal, Continental will still have around 384,000 net acres of leasehold in the play.
The company will use proceeds from the sale to pay off its debts. As of June 30, Continental had $16.6 million in cash and equivalents but $885 million drawn on its revolving credit facility.
