ConocoPhillips (NYSE: COP) announced it has entered into an agreement to sell its interests in the Barnett shale play to Lime Rock Resources for approximately $230 million.
Production associated with the Barnett assets for the first half of 2018 averaged 9 thousand barrels of oil equivalent per day, of which approximately 55 percent was natural gas and 45 percent was natural gas liquids.
Lime Rock Resources is an acquirer and operator of producing oil and gas properties in the United States, and will acquire assets primarily located in Montague, Wise, Denton, and Cooke Counties, Texas. The transaction represents Lime Rock Resources’ first acquisition in the Fort Worth Basin.
Eric Mullins, co-CEO of Lime Rock Resources, said, “The recent acquisition provides the Lime Rock Resources fund with an entry into the liquids rich Barnett portion of the Fort Worth, which is a basin that we have been attracted to for several years. The acquisition comes with about 114,000 net acres and has relatively low associated water production rates.”
The deal is expected to close by year end 2018.
