Home / Business / Ex-wife of Continental Resources CEO sues over investment
Sue Ann Hamm and Continental Resources Chairman and Chief Executive Officer Harold Hamm are seen in this undated handout combination photo courtesy of the Journal Record and PRNewsFoto/Continental Resources. REUTERS/The Journal Record/PRNewsFoto/Continental Resources/Handout

Ex-wife of Continental Resources CEO sues over investment

OKLAHOMA CITY — The former wife of billionaire Oklahoma energy tycoon Harold Hamm, who was awarded nearly $1 billion in a divorce settlement, is now suing Hamm over the sale of a company the two co-owned.

The lawsuit by Sue Ann Arnall alleges the $4.5 million sale in 2005 of the parent company and sole shareholder of Jolette Oil LLC to Continental Resources was below market value. It asks for damages in excess of $10,000.

Jolette Oil was one of Hamm’s first successful investments in North Dakota’s Bakken oil field and came through leases using Jolette Oil, which he also owned with Arnall, then Sue Ann Hamm.

The lawsuit filed Friday says Hamm, the CEO of Continental Resources Inc., sold Mineral Acquisition LLC, Jolette Oil’s parent company, to Continental Resources without Arnall’s knowledge. The lawsuit said Hamm and Arnall jointly owned Mineral Acquisition and that she did not learn of the sale until August 2013.

“These leaseholds and well transferred to CRI (Continental Resources Inc.) subsequently appreciated greatly in value and by the end of 2012 represented crude oil reserves having a present value of over $900 million,” according to the lawsuit.

An attorney for Hamm did not return a phone call seeking comment on Sunday.

Arnall and Hamm were divorced in November and Hamm was ordered to pay a nearly $1 billion settlement. Arnall appealed the settlement, saying the amount is a fraction of the couple’s $18 billion worth, but the appeal was dismissed in April in a 7-2 ruling by the Oklahoma Supreme Court.

Hamm and Arnall went through a protracted divorce case and appeals that ended with Hamm writing a check for $974.8 million to Arnall for her share of what a judge determined were the assets built up by the couple during their 25-year marriage.

The Jolette/Minerals Acquisition sale was brought up during the divorce case with the judge using the net proceeds of the sale, $3.7 million, as part of the accounting of the marital assets.

In related news, Court dismisses appeal in $1 bln divorce of oil executive Hamm.

This article was from The Associated Press and was legally licensed through the NewsCred publisher network.

29 comments

  1. On the next episode of “Blood&Oil”…

  2. She want those wells in the Bakken bad

  3. She got a billion dollars. I mean really?

  4. Poor thing she only got 975 million from him!

  5. I personally feel bad for him..

  6. According to what I read this was brought up in the divorce and was calculated into the settlement.

  7. Hey she deserve some bucks it’s only money honey

  8. I want continental resources to pay a dividend

  9. Oil money easy come easy go

  10. I want on the board of directors

  11. Has she seen the price of oil lately? She got a steal. Now all she needs is a young stud like myself to help her spend it.

  12. Like she didn’t get enough money wth

  13. There’s some great advice here. NEVER Get married LOL

  14. He was stupid enough to co-own a company with his wife, I guess that’s what he gets. These days, if you get married without having the other person sign a prenup, you’re going to pay for it. Bet he won’t be doing that again.

  15. Sad when someone can’t move on.

  16. She helped build that company from the ground up. She worked right along side of him for years and added a lot of value to the company. She should get her half.

  17. Oh and 975 million isn’t half of 18 billion…She should have gotten more. Read their whole story, she helped build the empire.

  18. What…..a Billion ain’t enough? ??

  19. Bet you she is a white whine spritzer

  20. Ya you have to disclose anything you co own when married. I know of a guy who just sold some oil properties.on the purchase and sales agreement.he claimed to be an unmarried man but is legally married.May unravel the whole deal

  21. Scott Boyce He will probably be in divorce litigation the rest of his life.

  22. That’s why Harold Hamm slow down his wells in North Dakota

  23. They cut 10k barrels a day where I’m at.

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