ConocoPhillips to Sell Cedar Creek Anticline Properties for $1.05B
ConocoPhillips (NYSE: COP) today announced it has entered into an
agreement to sell its properties in the Cedar Creek Anticline for a
total of $1.05 billion before customary adjustments.
ConocoPhillips has entered into an agreement with Denbury Resources
Inc.'s principal operating subsidiary to sell ConocoPhillips' properties
in the Cedar Creek Anticline, comprising approximately 86,000 net acres
in southwestern North Dakota and eastern Montana. ConocoPhillips' 2012
net production from these properties averaged 13 thousand barrels of oil
equivalent per day through November. The sale does not include any of
ConocoPhillips' assets in the Bakken Formation, where ConocoPhillips
owns 626,000 net acres, consisting of 207,000 net lease acres and
419,000 net mineral acres.