ConocoPhillips Departs Barnett
ConocoPhillips has completed the sale of its assets in the Barnett shale play in North Texas to Lime Rock Resources for approximately $230 million, the company reported Thursday.
Both companies first announced the sale in early August. At the time, Lime Rock stated that the approximately 114,000 net acres are located in the liquids-rich Barnett in Montague, Wise, Denton and Cooke counties. The transaction marks Houston-based Lime Rock’s entry into the Fort Worth Basin.
According to ConocoPhillips, its Barnett production for the first half of 2018 averaged 9,000 barrels of oil equivalent per day. Roughly 55 percent of that production volume comprised natural gas and the remaining 45 percent natural gas liquids, the company has stated.
“We look forward to applying our operational improvement strategies to a property in a new basin,” Lime Rock co-CEO Charlie Adcock stated in his company’s August announcement. “The assets provide the acquiring fund with robust cash flow and substantial horizontal development opportunities.”
ConocoPhillips stated Thursday that it will use proceeds from the transaction for general corporate purposes.
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