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The parties must now renegotiate a deal that would transfer Breitburn's Permian reserves to investors including Elliott and WL Ross through their participation in a $775 million rights offering.
Sustained lower oil prices may lead to Permian consolidation, the return of tough times to other shale plays and U.S. E&Ps helping rebalance global inventories.
Continental COO Tony C. Maranto resigned for undisclosed reasons after being with the Oklahoma City-based company for roughly one month, according to SEC filings.