ConocoPhillips has entered an agreement to divest its oil and natural gas assets to Lime Rock Resources for $230m.
Targeting Barnett shale, the assets are located in Montague, Wise, Denton, and Cooke counties in the Fort Worth Basin, Texas, US, and cover an area of 114,000 net acres.
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ConocoPhillips plans to exit from Barnett shale, upon completion of the deal. The company proposes to use the proceeds raised towards general corporate purposes.
Both the companies involved in the deal are oil and gas companies based in the US.
The deal will help Lime Rock to enter the Barnett shale in the Fort Worth Basin.
US-based oil and gas company Bonanza Creek Energy has sold its mid-continent US assets to an undisclosed company for $117m.
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By GlobalDataThe divested assets include 11,000 net acres in Lafayette and Columbia counties, which target the Cotton Valley formation.
The transaction will enable Bonanza Creek to focus on opportunities having long-term potential.
Vanguard Natural Resources has sold its oil and gas properties in Texas and Louisiana, US, for $5.5m.
The oil and gas assets also include non-operated working interests in 145 wells.
The company simultaneously sold its share in natural gas properties and associated midstream assets located in the Potato Hills field in Arkoma Basin to Sanguine Gas Exploration for $22.9m.
Vanguard Natural Resources is an oil and gas exploration and production company, while Sanguine Gas Exploration is an oil and gas company. Both firms are based in the US.
The proceeds of the divestment will be utilised by Vanguard Natural Resources to repay its debts under a credit facility.
Canada-based oil and gas company Westcore Energy has agreed to raise C$0.82m ($0.63m) by issuing 40.7 million units priced at C$0.02 ($0.015) a unit in a rights offering.
Each shareholder will be entitled to subscribe to one unit for each common share held. Each unit will consist of one common share, and one common share purchase warrant, which can be used to purchase one common share, priced at C$0.085 ($0.065) a share, within 24 months from the date of issue.
The funds raised from the offering will be used by the company to reduce the costs associated with boosting production and for working capital purposes.
US-based oil and gas company Chaparral Energy plans to divest its interests in oil and gas assets located in South Oklahoma Folded Belt Basin, Oklahoma, US.
The properties comprise a 100% working interest in the NW Velma Hoxbar Unit and the Bruce Ridley #1 well.
The NW Velma Hoxbar Unit includes 25 producing wells, one injection well, four shut-in wells, nine service wells, and two plugged and abandoned wells.
