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Leading Bakken oil producer Continental Resources Inc. (CLR - Snapshot Report) completed the purchase of various producing and undeveloped assets in the play from Samson Resources Corp., a unit of private equity giant Kohlberg Kravis Roberts & Co. (KKR - Snapshot Report) .

The acquired properties – worth $649.3 million – consist of 119,218 net acres, mainly in Williams and Divide counties, North Dakota. They yield around 6,500 barrels of oil equivalent per day (Boe/d).

The acquisition comprises 45,167 net acres located along the Nesson Anticline. It will increase Continental’s average working interest to 71% in the area of mutual interest (AMI). Its previous interest in the same was 46%.

Further, Continental also sold its producing crude oil and natural gas assets as well as supporting assets in its East Region for a total value of $125 million. Output from these properties averaged approximately 1,100 Boe/d.

It is expected that both the deals will reduce production operating costs per Boe in 2013 and increase yield by 35–40%. With this purchase in the Bakken, the total holding of the company in the region will increase to 1.1 million net acres.

Together with other well completion activities, the dealings added 20 Bakken wells to Continental’s 2013 drilling plan.

Oklahoma City-based Continental is an independent exploration and production (E&P) company focused on the Bakken, Cana and Niobrara shale plays. The company operates in the North, South and Eastern regions of the U.S. Its North region is in the north of Kansas and west of the Mississippi river and comprises North Dakota Bakken, Montana Bakken, the Red River units and the Niobrara play in Colorado and Wyoming. The first two appear most promising for Continental.

Continental holds a Zacks #3 Rank, which is equivalent to a Hold rating for a period of one to three months.

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