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Continental Resources and Franco-Nevada have agreed to form a new company focused on acquiring minerals in the SCOOP/STACK basin. The agreement will see Franco-Nevada paying Continental $220 million for its stake in the new company.
Both companies have agreed to spend up to $125 million per year over the next three years to acquire additional minerals through the new-formed company.
"We could not be more pleased to team up with a leading royalty corporation in Franco-Nevada, who has a vast understanding of the value of mineral ownership as evidenced by their long track-record of acquiring assets globally," said Harold Hamm, Chairman and Chief Executive Officer. "We are pleased to announce yet another growth vehicle to Continental within our core business, complementing our existing assets and capturing incremental value for Continental shareholders while also applying proceeds for further debt reduction."
"Collaborating with Continental to purchase minerals is a new business development opportunity for Franco-Nevada," stated David Harquail, Chief Executive Officer of Franco-Nevada. "We are pleased to be able to work with this best-in-class operator to further strengthen Franco-Nevada's overall portfolio."
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