Continental Resources Acquires Stakes in Three Vaca Muerta Blocks from Pan American Energy

The Neuquén Energy Ministry authorized two contract amendments incorporating Continental Resources Argentina into the Coirón Amargo Sur Este and Aguada Cánepa areas through 18 percent stake transfers from Pan American Energy in each block. The partnership structure positions Continental at 18 percent participation, PAE at 72 percent, and provincial operator Gas y Petróleo del Neuquén at 10 percent. PAE retains operational control in both areas while GyP maintains concession ownership. In the third Neuquén block, Bandurria Centro, Continental acquired a 20 percent stake from PAE, leaving the latter with 80 percent ownership and continued operational responsibilities without provincial participation.

The approvals follow National Hydrocarbon Law 17,319 and Provincial Law 2453 protocols, with technical, environmental, legal, and economic reviews from provincial agencies yielding no objections. Río Negro province had previously formalized Continental’s entry into the Loma Guadalosa block through Decree 447/26, where PAE ceded 13 percent to Continental in a consortium that includes Tango Energy Argentina at 35 percent and PAE at 52 percent. PAE continues as operator there as well.

Continental Resources already operates in Neuquén through the Los Toldos II Oeste block, where it assumed a 90 percent operated position from Pluspetrol in December 2025, with GyP retaining 10 percent. That transaction represented Continental’s initial Vaca Muerta entry.

The Oklahoma-based company brings over 60 years of experience in unconventional reservoir development, notably in the Bakken formation in North Dakota and SCOOP/STACK plays in Oklahoma. Its technical capabilities in horizontal drilling and multi-well pad development directly apply to Vaca Muerta’s geological characteristics. PAE operates approximately 100,000 barrels of oil equivalent daily in the Neuquén basin, producing around 12 million cubic meters of gas and 40,000 barrels of oil per day, positioning it as Argentina’s largest private integrated operator.

The Neuquén administration frames these approvals within its strategy to attract international investment to unconventional hydrocarbon development while maintaining operational continuity and contractual predictability. Continental now holds positions across four Vaca Muerta blocks, transitioning from initial entry to multi-asset operator alongside an established regional partner.