ConocoPhillips has entered an agreement with Lario Oil & Gas to acquire oil assets in the Niobrara exploration and development play in the US.
The assets cover a 186km² area in the Colorado counties of Arapahoe, Adams, Elbert and Douglas.
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On completion of the transaction, ConocoPhillips will become operator of the leases and begin exploration efforts by the acquisition of a 3D seismic survey and drilling of test wells.
Lario Oil & Gas president and CEO Mike Shaughnessy said that with ConocoPhillips’ safe and successful history of developing unconventional plays, the project will be operated for the benefit of all parties concerned.
