(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
Diamondback Energy Closes $4.1B Double Eagle IV Acquisition
2025-04-02 - Diamondback Energy Inc. closed on its approximately $4.1 billion deal to buy EnCap Investments’ Double Eagle IV, adding approximately 40,000 net acres in the Midland Basin to its portfolio.
Amplify Updates $142MM Juniper Deal, Divests in East Texas Haynesville
2025-03-06 - Amplify Energy Corp. is moving forward on a deal to buy Juniper Capital portfolio companies North Peak Oil & Gas Holdings LLC and Century Oil and Gas Holdings LLC in the Denver-Julesburg and Powder River basins for $275.7 million, including debt.
Obsidian to Sell Cardium Assets to InPlay Oil for US$225MM
2025-02-19 - Calgary, Alberta-based Obsidian Energy is divesting operated assets in the Cardium to InPlay Oil for CA$320 million in cash, equity and asset interests. The company will retain its non-operated holdings in the Pembina Cardium Unit #11.
Diamondback Acquires Permian’s Double Eagle IV for $4.1B
2025-02-18 - Diamondback Energy has agreed to acquire EnCap Investments-backed Double Eagle IV for approximately 6.9 million shares of Diamondback and $3 billion in cash.
Gevo Completes $210MM Red Trail Assets Deal for Ethanol Plant
2025-02-05 - Gevo has renamed an ethanol production plant and CCS assets acquired from Red Trail Energy as “Net-Zero North.”
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.