Continental Resources Seeks Paris Basin Permits

Continental Resources Inc. says that it is pursuing a permit to drill for oil and gas in the Paris Basin.

In its fourth-quarter earnings release, Oklahoma based company reported that it has initiated a process to secure permits to develop four blocks totaling 67,000 net acres in the Paris basin.

Continental said it is pursuing the opportunity in an 80-20 joint venture with California based Jordan Oil & Gas. The two companies have worked together on several projects in North Dakota, and Jordan Oil & Gas has operating experience in France and other international oil and gas plays.

If awarded the 5-year permits, Continental and Jordan together would commit to invest at least $13.8 million over 4 years.

Continental said it believes it could recover large oil reserves from the permits using technology it has developed in the Bakken formation in North Dakota and Montana.  The Paris Basin is a shale formation similar to the Bakken Shale, which accounted for 47 percent of Continental’s fourth- quarter oil and gas production.

“We believe there is the potential for significant recoverable oil reserves, using technology we’ve developed in the Bakken,” said Continental Chairman Harold Hamm.

The French government is expected to rule on the permit applications by year-end.

Toreador Resources Corp. and Vermilion Energy Inc. already have a presence in the Paris Basin and have announced plans to drill.

The French Government recently commenced a review of all shale gas and shale oil activity in the country. (Please type 'France' or "Paris Basin' in our Search function to read more about the French Government's review process)