Continental Resources shareholders voted Friday morning to approve the more than $280 million purchase of Enid-based Wheatland Oil Co., which is owned by Continental executives Harold Hamm and Jeff Hume.
More than 99 percent of the voting shares were cast in favor of the deal.
Continental required that the sale be approved by a majority of the shares not controlled by Hamm, Hume and other directors and executives. Shares that were not voted were counted as “no” votes.
By that calculation, the sale passed with approval of more than 80 percent of the minority shares.
“I think the shareholders recognized the process that we went through and the price we negotiated with Harold and Jeff was a good price and favorable to the minority shareholders,” said Mark Monroe, the independent Continental director who led the Wheatland purchase.
Wheatland owns a small stake in many of the wells Continental operates in the Bakken formation of North Dakota and Montana.
Friday's vote was threatened by a lawsuit filed by the Louisiana Municipal Police Employees' Retirement System, which said Continental did not disclose enough information about the deal and that a trust owned by Hamm's children should not have been considered part of the minority shares.
U.S. District Judge Timothy D. DeGiusti disagreed, ruling in favor of Continental in three separate decisions over the past week.
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