Contango Oil & Gas to Acquire ConocoPhillips Wyoming Assets

The acquisition follows Contango Oil & Gas’ merger agreement with Independence Energy LLC, built and managed by KKR’s Energy Real Assets team, announced last month.

Contango Oil & Gas to Acquire ConocoPhillips Conventional Gas Assets in Wyoming

The merger with Independence was designed to accelerate the company’s acquisition pace rather than slow it down, and the ConocoPhillips transaction is a perfect example of that, says Contango Oil & Gas CEO Wilkie S. Colyer. (Source: Shutterstock.com)

Contango Oil & Gas Co. agreed on July 8 to acquire ConocoPhillips Co.’s Wind River Basin asset in Wyoming in a $67 million cash deal.

For ConocoPhillips, the transaction fits into its plan to divest up to $10 billion of noncore assets over the next two years following its multibillion-dollar purchase of Concho Resources. Meanwhile, the deal for Contango follows a merger agreement last month with Independence Energy LLC, built and managed by KKR’s Energy Real Assets team, to become KKR’s primary platform for pursuing upstream oil and gas opportunities.

“Our previously announced merger with Independence was designed to accelerate our acquisition pace rather than slow it down, and this transaction is a perfect example of that,” commented Contango CEO Wilkie S. Colyer in a July 8 company release.

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.