(Source: ConocoPhillips Co.)
ConocoPhillips Co. closed on a multimillion-dollar sale of Niobrara assets located in the southern Denver-Julesburg (D-J) Basin, marking its exit from Colorado where operators have faced regulatory uncertainty in recent years.
The Houston-based company held about 98,000 net acres in the Niobrara, located in northeastern Colorado, according to recent filings. Production from the divested assets was about 11,000 barrels of oil equivalent per day (boe/d) in 2019.
ConocoPhillips said an undisclosed company purchased the Niobrara asset for $380 million, plus customary adjustments, and overriding royalty interests in certain future wells.
Click here for more data on ConocoPhillips’ operations.
On March 5, the company also said it had completed the sale of its Waddell Ranch property, a conventional asset located in the Permian Basin. Full-year 2019 production associated with the Waddell Ranch asset was 4,000 boe/d.
The buyer and terms of the Waddell Ranch transaction weren’t disclosed.
Crestone Peak Resources LLC is believed to be the buyer of ConocoPhillips’ Colorado asset, according to reports by multiple media outlets.
Formed in 2016 with backing from The Canada Pension Plan Investment Board and The Broe Group, Crestone’s acreage is in the Greater Wattenberg Field of Colorado’s D-J Basin.
The effective date of the Niobrara transaction is June 1, 2019. The Wadell Ranch transaction had an effective date of Nov. 1.
Recommended Reading
Reuters: Northern Oil and Gas in Bid to Acquire Smaller Rival Granite Ridge, Sources Say
2024-12-20 - Northern Oil and Gas has made an acquisition offer for Granite Ridge Resources, according to people familiar with the matter.
STEP Energy Services Drops Go-Private Deal as Shareholders Balk
2024-12-20 - STEP Energy Services has terminated its agreement with ARC Energy Fund 8 to go private in an all-cash transaction for CA$5 per share.
Allete Gets OK From FERC for $6.2B Sale to Canada Pension Plan, GIP
2024-12-20 - Allete Inc. announced its acquisition by the Canada Pension Plan Investment Board and Global Infrastructure Partners in May.
LandBridge Closes Deal for 46,000 Surface Acres in Delaware Basin
2024-12-20 - LandBridge Co., which held a successful IPO in August, added about 53,000 acres and now holds about 273,000 acres.
Battalion Oil Walks Away from Fury Resources Buyout
2024-12-20 - The Battalion Oil-Fury Resources merger had been in discussions for more than a year, but Battalion said Fury failed to meet financial deadlines to continue the talks.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.