Schafer Joins Oil Board



BISMARCK, N.D. (AP) - Former North Dakota Gov. Ed Schafer has joined the board of North Dakota's single largest oil producer.

Continental Resources Inc. pumps almost 9 percent of North Dakota's daily oil output of more than 440,000 barrels a day. Schafer has campaigned in favor of overhauling North Dakota's oil taxes and lowering the top tax rate of 11.5 percent.

North Dakota has one of the highest tax rates among oil-producing states.

Schafer and Continental Chairman Harold Hamm say there's no connection between Schafer's support for lower oil taxes and his new spot on the Continental board.

Continental says Schafer will get almost 12,000 shares of company stock over four years. It's worth almost $800,000 at today's stock price of $66 a share. Schafer said he was "shocked" at the stock grant.

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Topics: Business_Finance
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Locations: BismarckNorth Dakota
People: Ed SchaferHarold Hamm
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