ConocoPhillips, the third-largest U.S. oil company, announced today that it will acquire up to 46,000 net acres of leasehold from Lario Oil & Gas Company in the Colorado counties of Arapahoe, Adams, Elbert and Douglas in the Niobrara Shale. Financial terms of the deal were not disclosed.
ConocoPhillips will become operator of the acquired leases and will begin exploration efforts as soon as possible with the acquisition of a 3-D seismic survey and drilling of test wells, the company said in a statement. Texas-based ConocoPhillips (COP) is active in shale projects in Australia and the Eagleford Shale in South Texas, among others.
On its Web site, the company says the Piceance Creek Basin of Colorado, the Uinta Basin of Utah and the Green River and Washakie Basins of Wyoming hold an estimated 1.5 trillion barrels of oil. ConocoPhillips also has exposure to the San Juan Basin and Bakken and Barnett Shales.
Lario Oil & Gas Company is a private, family-owned entity founded in 1927 and headquartered in Denver, according to the statement issued by Conoco. Conoco is looking to boost its profile as an exploration and production company as it prepares to spin-off its refining business, a move announced by the company earlier this month.
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