South Korea's SK E&S Buys Stake in US Shale Play for $360 mn

South Korea’s SK E&S Co. Ltd and US based Continental Resources have formed a joint venture to develop Continental's Northwest Cana Woodford shale gas assets, primarily in Blaine and Dewey counties, Oklahoma.

Continental sold a 49.9% interest in the Woodford shale play, including interests in 37 producing wells, for approximately $360 million, the US company stated Monday.

Continental will be the operator for all current and future wells that are operated by the joint venture. The company plans to commence drilling during November 2014, with four operated rigs running by the end of the year. 

SK E&S, an affiliate of SK Group, is Korea's leading energy service provider, engaged in city gas, district heating, gas-fueled electricity generation, and LNG businesses.