Continental Resources Inc.

Continental Resources Inc. has retained Energy Spectrum Advisors Inc. to sell certain undeveloped nonoperated oil and gas mineral leases in 11 counties in North Dakota and Montana.

The package consists of 9.7% weighted average working interest (7.9 % weighted average net revenue interest and 81.6% net revenue interest to the 8/8ths) in 44,546 gross acres (4,323 net). The majority (83%) of the leasehold expires in 2013 or later, and 6.2% is held by production.

The properties are currently nonproducing, however Continental has approved and elected to participate in four wells, two of which already spud in July. In addition, eight more wells have been permitted on the properties.

Initial production from nearby offset wells exceeds 2,000 barrels of oil equivalent per day, with some reaching 4,000 barrels equivalent when featuring long laterals extending across two sections.

In North Dakota and Montana, nonoperated working interest parties can propose, permit and drill wells (in the case where an operator obtains a permit but fails to drill the well in a timely manner, or in the case where an operator fails to obtain a permit in a timely manner).

Upside includes 106 drilling spacing units (1,280 acres per unit) which have been approved by the North Dakota Industrial Commission and Montana Board of Oil and Gas Conservation Commission. An additional 76 unspaced units exist on the properties.

The bid due date is Oct. 6. Contact Kevin Kuenn, 214-987-6126, kevin.kuenn@energyspectrum.com.