ConocoPhillips Gets $1B For Cedar Creek Assets

Law360, New York (January 15, 2013, 12:47 PM EST) -- ConocoPhillips Co. will unload oil- and gas-producing properties in the Cedar Creek Anticline in a $1.05 billion sale to Denbury Resources Inc., the energy titan said Tuesday, sharpening its focus on the sought-after Bakken formation and continuing a push to trim assets.

In the deal, Houston-based ConocoPhillips will pass off roughly 86,000 acres straddling southwestern North Dakota and eastern Montana. From January 2012 through November, the sites churned out 13,000 barrels of oil equivalent per day, according to the company.

The sale — expected to bring...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.