Denver-based Continental Resources said recently it acquired bolt-on acreage believed to be about 15,000 acres in Ward and Winkler counties in Delaware Basin for $200 million cash. Continental allocated $100 million to $125 million for capex for the acquired acres as part of a 2022 budget increase. The acquisition is adjacent to acreage where Continental recently completed its first 10-well unit targeting Third Bone Spring and Wolfcamp A. Doug Lawler, COO, said the results are “meeting and/or exceeding our expectations.”
Continental now has assembled 170,000 net acres in Permian after entering the basin last year with an acquisition of $3.25 billion from Pioneer Natural Resources.