Franco-Nevada teams with oil firm Continental Resources to buy mineral rights

Franco-Nevada (TSX: FNV; NYSE: FNV) and Continental Resources (NYSE: CLR) have struck a strategic relationship to jointly buy mineral rights in the Scoop and Stack oil & gas plays in Oklahoma. Franco-Nevada says it will contribute about US$220 million for the acquisition of existing mineral rights owned by a Continental subsidiary and has committed, subject to satisfaction of agreed-upon development thresholds, to spend up to US$100 million per year over the next three years to acquire additional mineral rights to be jointly held in a newly-formed company. Continue reading at The Northern Miner.