Continental Resources Inc. said it is pursuing a permit to drill for oil and gas on 67,000 acres in the Paris Basin in France.
The $13.8 million project would be an 80/20 joint venture with Jordan Oil & Gas of Healdsburg, California, which has experience in France, Continental said in its fourth-quarter earnings release.
Continental, based in Enid, Oklahoma, said the French government may issue a permit by the end of 2011. The Paris Basin is a shale formation similar to the Bakken Shale in North Dakota, which accounted for 47 percent of Continental’s fourth-quarter oil and gas production.
“We believe there is the potential for significant recoverable oil reserves, using technology we’ve developed in the Bakken,” Continental Chairman Harold Hamm said about the Paris Basin project in the statement.
Toreador Resources Corp., based in Paris, and Calgary-based Vermilion Energy Inc. have announced plans to drill in the Paris Basin.