Corterra Energy Acquires 26,000 Acres in Arkoma Basin for $68M

Acquisition from Continental Resources provides Corterra Energy with
approximately 70,000 net acres

TULSA, Okla.–(BUSINESS WIRE)–Today, Corterra Energy, LLC (“Corterra”), an independent exploration and
energy production company headquartered in Tulsa, Okla., and backed by
White Deer Energy, announced it has closed on an acquisition of 26,000
net acres and interest in over 400 producing wells in the Arkoma Basin.

The company acquired the assets from Oklahoma City-based Continental
Resources, Inc. (NYSE: CLR) for $68 million. With this purchase,
Corterra has built a contiguous position of nearly 70,000 net acres in
Oklahoma’s Atoka, Coal, Hughes and Pittsburg counties.

“Our team is excited to announce this sizeable acquisition. We look
forward to capturing the upside potential of this asset through
production optimization and exploitation drilling. With the integration
of the Continental acquisition, we have built a premier asset in the
liquids-rich portion of the Arkoma Woodford Shale play,” Corterra’s CEO
Valerie Mitchell said.

Thomas J. Edelman, Managing Partner of White Deer, commented, “We are
delighted with the Continental purchase, the Corterra management team,
and all they have accomplished in their first year. They have built a
great position in a major Oklahoma basin that delivers quality inventory
and returns.”

EDITOR’S NOTE:

About Corterra Energy: Founded in 2016 and led by industry
veterans, Corterra Energy, LLC is an independent exploration and energy
production company headquartered in Tulsa, Oklahoma with operations in
the Midcontinent region of Oklahoma. Learn more by visiting
CorterraEnergy.com

About White Deer: White Deer Energy, founded in 2008, is an
energy focused private equity firm targeting middle market energy
investments in oil and gas exploration and production, oilfield service
and equipment manufacturing and the midstream sectors of the energy
business. White Deer manages over $2.2 billion in assets and has offices
in Houston and New York.

Contacts

for Corterra Energy, LLC
Sheila A. Curley, APR, 918-830-3268
[email protected]