ConocoPhillips acquiring Niobrara acreage from Lario

By OGJ editors

ConocoPhillips agreed to acquire up to 46,000 net acres of leasehold in the Niobrara play from Lario Oil & Gas Co. in the Colorado counties of Arapahoe, Adams, Elbert and Douglas.

Terms of the transaction call for ConocoPhillips to operate the acquired leases. ConocoPhillips plans to begin exploration efforts as soon as possible with a 3-D seismic survey and drilling of test wells.

For its work in the Niobrara play, ConocoPhillips plans to leverage its unconventional knowledge and expertise from the Bakken formation in the Williston basin and the Eagle Ford shale in South Texas.

Lario is based in Denver. ConocoPhillips did not say how much it paid for the acreage but called the deal a "significant investment" south and east of Denver.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...