Continental Resources prices $200M senior notes offering

Independent oil and natural gas exploration and production company Continental Resources Inc. has priced its private placement of $200 million of 7 3/8% senior unsecured notes due 2020. 

The notes were sold at 99.105% of par to yield 7.5% to maturity. The offering is expected to close on April 5, 2010, subject to customary closing conditions. Continental intends to use the net proceeds from the offering to repay a portion of the borrowings outstanding under its revolving credit facility. 

Continental Resources is the largest leaseholder in the Bakken shale play, with more than 600,000 net acres, and also has valuable acreage positions in the Arkoma Woodford, Anadarko Woodford, Atoka, Haynesville, and Marcellus/Rhinestreet/Huron plays.

The company ranked No. 43 by total assets in the February's OGJ150 Quarterly with $2.2 billion at the end of 3Q09.

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