Continental Resources Business Practices

[WheelerD Guy]

It sounds like this Dyer character likes to party. Is that fair?

[mugofbeer]

Old fashioned drilling wildcatter type?

[soonergolfer]

Old fashioned drilling wildcatter type?

Haha. No, he was an OU frat guy early 2000’s from PCN.

[sooner88]

Article summarizing the petition posted earlier:

https://www.google.com/amp/s/amp.okl...amp/7491661002

[WheelerD Guy]

Haha. No, he was an OU frat guy early 2000’s from PCN.

I’m getting the distinct vibe that almost everyone involved in these lawsuits likes to, not just party—but party naked.

This thing is going to make one heck of a movie.

[PhiAlpha]

Continental just entered the Delaware Basin (Permian) via a $3.2 billion acquisition from Pioneer Resources. Don’t look now but after the Samson Powder River Basin acquisition, CLR is in 4 major basins including the largest in the country. Big moves for a company that was starting to run low on drilling inventory in OK and ND. Solid for OKC.


https://www.reuters.com/business/ene...es-2021-11-03/

[mugofbeer]

Solid for the country where we can pump our own oil vs. Biden begging Putin and MBS to pump more so our gasoline isn't so expensive.

[PhiAlpha]

Solid for the country where we can pump our own oil vs. Biden begging Putin and MBS to pump more so our gasoline isn't so expensive.

Well it was already going to be drilled one way or the other but on general principle…I 100% Agree! Lol

[WheelerD Guy]

Continental just entered the Delaware Basin (Permian) via a $3.2 billion acquisition from Pioneer Resources. Don’t look now but after the Samson Powder River Basin acquisition, CLR is in 4 major basins including the largest in the country. Big moves for a company that was starting to run low on drilling inventory in OK and ND. Solid for OKC.


https://www.reuters.com/business/ene...es-2021-11-03/

Do you know, offhand, how much of the acreage sits in NM or federal lands?

[DoctorTaco]

Do you know, offhand, how much of the acreage sits in NM or federal lands?

It's almost entirely in Texas, so none.

[catch22]

Solid for the country where we can pump our own oil vs. Biden begging Putin and MBS to pump more so our gasoline isn't so expensive.

Strategically wouldn’t it be better for the US to buy up the world’s oil supply before touching all of our own? If we can get it cheap enough from overseas while relations allow that just preserves more of our own for the future.

[BoulderSooner]

Strategically wouldn’t it be better for the US to buy up the world’s oil supply before touching all of our own? If we can get it cheap enough from overseas while relations allow that just preserves more of our own for the future.

oil is not going to run out .... ever

[PhiAlpha]

Strategically wouldn’t it be better for the US to buy up the world’s oil supply before touching all of our own? If we can get it cheap enough from overseas while relations allow that just preserves more of our own for the future.

Though the international and offshore projects generally yield more oil (most are usually unexplored/undeveloped so you’re getting virgin pressure as opposed to trying to wring more out of the source rock, tight formations and conventional reservoirs), but they also come with much higher geopolitical risk, the risk that comes with wildcatting unexplored areas, and the technical difficulty of developing offshore reservoirs….all of which mean much more expensive. Often the risk doesn’t equal the reward to start new projects like that if the price of oil is below $90-$100 and most of those projects have a five year concept to production timeline.

The geopolitical risk is a big issue. Most countries don’t want to give up complete control of their oil supply and the country itself generally owns the minerals so we can’t just go out and lease private minerals owners as we can in the us. Additionally the oil reserves for the most part aren’t in the most western nation friendly and/or stable countries in the world. Egypt a few years back and Venezuela nationalizing all their production and essentially stealing it from American producers are two good examples.

[mugofbeer]

Strategically wouldn’t it be better for the US to buy up the world’s oil supply before touching all of our own? If we can get it cheap enough from overseas while relations allow that just preserves more of our own for the future.

I'm sure we could buy it all and fill some dry lake bed in Nevada with it. Then we could have a great lake of oil we"d bought from an OPEC full of dictators. We could even call it Devil's Lake!

[StrongCider]

Blaine Dyer and cousin Jimmy Dyer indicted by the Feds. Multiple counts of wire fraud, lying on loan documents, etc.
https://www.docketbird.com/court-cas...r-00209-117962

[Pete]

The indictments are under seal, but these are the cover sheets:

[Anonymous.]

Hamm has announced a proposal to take the company private @ $70 per share.

[OKCRealtor]

Dang I've known Jimmy back to high school/OU days.

[DowntownMan]

Hamm has announced a proposal to take the company private @ $70 per share.

70 seems low since it was above that last week before Mondays market sell off and already above 70 in premarket today.

[BoulderSooner]

70 seems low since it was above that last week before Mondays market sell off and already above 70 in premarket today.

considering that he owns 83% of the company shares ... i'm sure this will happen

[DowntownMan]

considering that he owns 83% of the company shares ... i'm sure this will happen

Oh for sure. I’m sure it’s a done deal already. Sounds like there might just be an independent firm to decide final share price but other than that. I’m sure it’s already a done deal

[okatty]

In terms of the process, the merger offer filed with the SEC states as follows:

Q. What is involved in proceeding with the proposed transaction?

A. The CLR Board of Directors is delegating the review and negotiation of Mr. Hamm’s proposal to a special committee of independent directors (the “Special Committee”), who will, in consultation with its own independent financial and legal advisors, carefully review and evaluate and negotiate the Hamm Family proposal. The Special Committee process is designed to advocate for and protect the interests of our minority shareholders, including our public investors. The Hamm Family has agreed not to move forward with the transaction unless the Special Committee determines the price is fair to, and in the best interest of, our public shareholders.

At this point, the board of directors of CLR has only received the non-binding proposal letter from the Hamm Family and no decisions have been made by the Special Committee with respect to CLR’s response to the proposal. There can be no assurance that any agreement will be entered into or that transaction will be approved or consummated.

[BoulderSooner]

In terms of the process, the merger offer filed with the SEC states as follows:

Q. What is involved in proceeding with the proposed transaction?

A. The CLR Board of Directors is delegating the review and negotiation of Mr. Hamm’s proposal to a special committee of independent directors (the “Special Committee”), who will, in consultation with its own independent financial and legal advisors, carefully review and evaluate and negotiate the Hamm Family proposal. The Special Committee process is designed to advocate for and protect the interests of our minority shareholders, including our public investors. The Hamm Family has agreed not to move forward with the transaction unless the Special Committee determines the price is fair to, and in the best interest of, our public shareholders.

At this point, the board of directors of CLR has only received the non-binding proposal letter from the Hamm Family and no decisions have been made by the Special Committee with respect to CLR’s response to the proposal. There can be no assurance that any agreement will be entered into or that transaction will be approved or consummated.

of course with or with out this the family will likely continue to acquire shares ..

[okatty]

^The price will have to be high enough to fend off dissenter’s rights claims - which allow minority shareholders to force an appraisal process if they can show the tendered price is not fair value. Further, those independent directors are fiduciaries and will have a duty to look out for the minority shareholders as well. I agree it will happen. Question is if they give any room to open the door for minority claims.

[Bits_Of_Real_Panther]

Going private, won't have to deal with ESG stuff