Continental Resources Inc. is redeeming $500 million of its 5% senior notes due 2022, or about 31% of the senior notes' outstanding amount of $1.6 billion.

The redemption price will be 100.833% of the principal amount of the notes, plus accrued and unpaid interest, the shale driller said Aug. 7. The redemption date for the notes is scheduled for Sept. 12.

Continental is an independent oil producer with core assets in the Bakken Shale in North Dakota and Montana and the STACK and SCOOP plays in Oklahoma.