Continental Resources, Inc. Forms Minerals JV with Franco-Nevada
Vinson & Elkins advised Continental Resources, Inc. in connection with the formation of a minerals joint venture with Franco-Nevada. Franco-Nevada will pay approximately $220 million for its initial interest in the joint venture, and the parties have also committed, subject to the satisfaction of agreed upon development thresholds, to spend up to a combined $125 million per year over the next three years to acquire additional minerals through the newly-formed joint venture.
Continental Resources is a top 10 independent oil producer in the U.S. Lower 48 and a leader in America’s energy renaissance. Based in Oklahoma City, Continental is the largest leaseholder and the largest producer in the nation’s premier oil field, the Bakken play of North Dakota and Montana.
The V&E corporate team was led by partners Dave Oelman and John B. Connally and senior associate Matt Falcone with assistance from associates Claire Campbell and Kathryn Hastings. The tax team included partner Todd Way and senior associate Julia Pashin.
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