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|Continental Resources Accelerates Growth, Plans to Locate Corporate Headquarters In Oklahoma City|
ENID, Okla., March 21, 2011 /PRNewswire via COMTEX/ --
Continental Resources, Inc. (NYSE: CLR) announced plans today to locate its corporate headquarters in Oklahoma City. The move is a key element of the company's stated growth strategy, set one year ago to triple in size in five years. The move will provide more convenient access to its operations across the country, to business partners and to an expanded pool of technical talent. The transition is slated to be completed by the second half of 2012.
"We're expanding rapidly as a leading oil and gas company," said Harold Hamm, Chairman and CEO. "With our growth plans in the largest oil play in the U.S., the Bakken Shale in the Williston Basin, the timing is right to locate our corporate headquarters in Oklahoma City. As we look toward the future, Oklahoma City offers a vibrant base to support our aggressive growth strategy, while retaining our strong commitment to the state of Oklahoma. This is a significant step in the continuation of our growth plan. The company recently announced that it plans to grow production in a range of 35 percent to 37 percent in 2011, up from our earlier guidance of 30 percent growth. As our operations in the Rocky Mountain area grow, we plan to announce an additional office there as well."
Continental Resources has acquired one of Oklahoma City's premier office buildings to serve as its new headquarters, located at 20 North Broadway and presently occupied by Devon Energy. Constructed in 1981, the building is a 19-story, 307,288-square-foot Class A building located in the heart of downtown. Terms of the transaction have not been disclosed.
Continental Resources currently has about 250 full-time employees in Enid. "We will work to ensure a smooth transition for all concerned," continued Mr. Hamm. "We understand our importance to Enid and remain committed to supporting local community-building programs."
About Continental Resources
Continental Resources is a crude-oil concentrated, independent oil and natural gas exploration and production company. The company focuses its operations in large new and developing plays where horizontal drilling, advanced fracture stimulation and enhanced recovery technologies provide the means to economically develop and produce oil and natural gas reserves from unconventional formations. More information is available at http://www.contres.com/.
CONTACT: Continental Resources, Inc.
SOURCE Continental Resources