HOUSTON, July 28, 2011 --- ConocoPhillips [NYSE:COP] today announced that it has entered into an agreement to acquire up to 46,000 net acres of leasehold from Lario Oil & Gas Company in the Colorado counties of Arapahoe, Adams, Elbert and Douglas. This agreement represents a significant investment by ConocoPhillips in this area south and east of the greater Denver metroplex.
"ConocoPhillips is pleased to have this opportunity to participate in the emerging Niobrara exploration and development play," said Larry Archibald, senior vice president of Exploration and Business Development at ConocoPhillips. "Building on the strong relationships developed by Lario, we look forward to working with all local stakeholders as a first step in demonstrating our commitment to act as a steward of this region’s natural resources."
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 has a long track record of safe and environmentally prudent development of unconventional plays in North America and will leverage the knowledge and expertise it has gained in plays such as the San Juan Basin, Bakken, Barnett and Eagle Ford.
"Lario Oil & Gas Company is pleased to make this significant transaction with an industry leader such as ConocoPhillips," said Mike O’Shaughnessy, President/CEO of Lario. "As demonstrated by ConocoPhillips’ safe and successful history of developing unconventional plays, the project will be operated with the greatest regard for the local residents and environment, and for the benefit of all parties concerned."
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,900 employees, $160 billion of assets, and $244 billion of annualized revenues as of June 30, 2011. For more information, go to www.conocophillips.com.
About Lario Oil & Gas Company
Lario Oil & Gas Company is a private, family-owned entity founded in 1927 and headquartered in Denver, Colorado and Wichita, Kansas. Lario has assets and operations in the Mid Continent, the Rockies, the Permian Basin, and California. Lario is focused on developing its significant holdings in liquids rich shale and tight rock plays such as the Niobrara, Bakken/Three Forks, and the Mississippian horizontal play (OK/KS) while continuing to refine and enhance its legacy conventional asset base. For more information, go to www.lario.net.
Davy Kong (ConocoPhillips)
Mike O’Shaughnessy (Lario Oil & Gas Company)
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