Continental Resources to develop massive oil patch in Venezuela

Continental Resources on Wednesday signed a memorandum of understanding with Venezuela's state oil company to develop a massive crude patch in the South American nation. Continental will develop and operate a patch in the Orinoco Belt that spans 126,000 acres and possesses an estimated 30 billion barrels of reserves, the company said in a statement . Headquartered in Oklahoma City, Continental is one of the largest privately held oil and natural gas producers in the world.