Oil billionaire Harold Hamm appeals divorce ruling as oil prices diminish his wealth

OKLAHOMA CITY, Dec. 31 (UPI) -- In the wake of rapidly plummeting oil prices, Continental Resources CEO Harold Hamm is appealing his divorce settlement after previously describing it as "fair and equitable."

Hamm now says the November ruling ordering him to pay ex-wife Sue Ann Arnall $995.5 million was "erroneous and inequitable."

At the time the ruling was considered a major victory for the Oklahoma oil man, who was then worth over $30 billion. But since the first divorce filings the price of crude hit a five-year low, dropping shares of Continental 30 percent and cutting Hamm's personal wealth to $10.6 billion, $12 billion less than he worth when proceedings began.

"The dramatic drop in oil price post-trial and the corresponding drop in the CLR stock price demonstrate the overriding impact of the oil price on the value of the stock," Hamm argues in the December 16 filing reports the Wall Street Journal.

Arnall, meanwhile, is also appealing the decision, saying she was shortchanged.

"[Arnall] has apparently not kept up with the facts regarding the falling price of oil and its impact [on Hamm's wealth," argue Hamm's lawyers according to Bloomberg Businessweek.

"Never before in Oklahoma history has a litigant claimed to need almost $300 million just to get by while an appeal is pending."