Continental Resources sued by rival over failed $200 mln oil deal [Reuters (UK)]
Continental Resources, Inc. (CLR)
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Source: Reuters
Continental Resources sued by rival over failed $200 million oil deal - Reuters 3 Min Read (Reuters) - Casillas Petroleum Resource Partners sued Continental Resources Inc, alleging the Oklahoma shale producer last month backed out of a $200 million oil and gas deal as prices crashed. U.S. crude futures prices have tumbled, with coronavirus-related lockdowns and travel restrictions souring demand as OPEC and other producers waged a price war, sending oil to $13 a barrel this month from $61 at the start of the year. On March 6, the day a supply pact by OPEC and allies collapsed, Continental agreed to buy oil and gas properties from Tulsa, Oklahoma-based Casillas. The deal was set to close roughly three weeks later, according to a lawsuit filed in Tulsa County District Court in Oklahoma. But Continental got cold feet and proposed to postpone the closing due to “changes in the oil and gas markets,” and then terminated the agreement on March 24 citing title and other problems, the lawsuit
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