ConocoPhillips Sells Non-Bakken Assets in North Dakota, Montana

摘要

ConocoPhillips will sell-its Cedar Creek Anticline properties to Denbury Resources for $1.05 billion. The property stretches over 86,000 net acres in southwestern North Dakota and eastern Montana, but does not include Cono-co's Bakken shale acreage. The deal is expected to close during the first quarter. Alvin, Texas-based Denbury estimates the proved reserves in the Cedar Creek Anticline property of about 42 million barrels of oil equivalent, about 95% oil and 4% natural gas liquids. According to Conoco, the property saw daily production in 2011 of about 5 million cubic feet of natural gas per day and 15,000 barrels of oil and natural gas liquids.