Continental Resources Inc.’s shareholders have approved the company’s purchase of Wheatland Oil Inc.’s core assets in the Bakken Shale, a stock deal valued at about $276 million.

Oklahoma City-based Continental said the deal was expected to be completed on Monday with the transfer of about 3.9 million shares of common stock to Wheatland’s private owners, Continental CEO Harold Hamm (75% stake) and Jeff Hume, Continental’s vice chairman for strategic growth initiatives (25%). Continental closed Monday at $70.75/share on the New York Stock Exchange, down 1.35% (97 cents/share) from Friday.

Wheatland’s core assets include a nearly 5% interest in all of the leases and wells Continental has acquired in a defined portion of the Bakken, an arrangement Enid, OK-based Wheatland procured through a participation agreement beginning in 2002. Other assets held by Wheatland include 37,900 net acres in Montana and North Dakota. The company also holds interest in more than 1,000 gross wells; at the end of 2011 net proved reserves totaled 17 million boe with production of 2,500 boe/d.

Hamm is the CEO and majority shareholder of Continental. During an earnings call last week to discuss the company’s performance in 2Q2012, Hamm said Continental planned to triple production by 2014 (see Shale Daily, Aug. 10). Overall production was 94,852 boe/d in 2Q2012, a 76% increase from the year-ago quarter and 11% more than 1Q2012.

At the end of 2Q2012 Continental’s proved reserves had risen 20% year/year to 610 million boe from 421 million boe. At the end of 2011 proved reserves totaled 508 million boe.

“More than 99% of shareholders who voted approved the transaction,” Continental said. “In addition, the proposal was approved by a wide majority of votes cast by Continental Resources’ shareholders other than members of Continental Resources’ board of directors, Continental Resources’ executive officers, Mr. Hamm and his affiliates, and Mr. Hume and his affiliates.”

Continental said in the Bakken it is continuing to realize strong initial per-well production rates, a projection in line with expectations. Bakken production was 53,471 boe/d during 2Q2012, up 97% from 2Q2011. The company currently has 19 operated drilling rigs in the Bakken, a reduction from the peak of 26 operated rigs in the first half of 2012. The current rig fleet includes 15 operated rigs in North Dakota and four in Montana. Nine of the North Dakota rigs are drilling its “ECO-Pad” projects.

Company reports indicate that Continental held more than 946,248 net acres in the Bakken as of June 30. The majority of the acreage is in North Dakota. Other companies with significant holdings in the Bakken include Hess Corp. (900,000 net acres), Whiting Petroleum (712,304 net acres), ConocoPhillips (626,000 net acres) and EOG Resources (600,000 net acres), according to company reports.