CLR Announces $220 Million Minerals Divestiture And Formation Of A Strategic Relationship With Franco-Nevada -- August 6, 2018

Press release. I don't always follow these announcements, but it appears that:

• Franco-Nevada apparently bought mineral rights owned by CLR for $220 million
• in the agreement, the two companies (Franco-Nevada and CLR) will set up a jointly funded venture
• the parties will spend up to a combined $125 million over the next three years to acquire additional minerals
• CLR will fund 20% of future mineral acquisitions
• will acquire minerals in SCOOP and STACK, primarily in areas already owned by CLR
• the existing mineral rights and future minerals will be jointly held through a newly-formed company (name yet to be announced, apparently) 

Franco-Nevada website. Franco-Nevada's history in Oklahoma.

Oil and Gas Investor story here.

Business Insider story here.

So, I guess, if I understand this correctly, CLR monetizes a bit of its acreage, while sharing the risk with another energy company for future acquisitions.

What little I know about this suggests Harold Hamm would like to "borrow" a bit more money to drill more wells, but didn't want to go to the "capital" markets to raise more cash (acquire more debt on its balance sheets) but this is far beyond my headlights.

Feel free to weigh in with your thoughts.

Doesn't appear to affect the Bakken.

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