ConocoPhillips Sells Bakken Assets to Denbury

ConocoPhillips has entered into an agreement with Denbury Resources Inc.’s principal operating subsidiary to sell ConocoPhillips’ properties in the Cedar Creek Anticline, comprising approximately 86,000 net acres in southwestern North Dakota and eastern Montana for a total of $1.05 billion. ConocoPhillips’ 2012 net production from these properties averaged 13 thousand barrels of oil equivalent per day through November. The sale does not include any of ConocoPhillips’ assets in the Bakken Formation, where ConocoPhillips owns 626,000 net acres, consisting of 207,000 net lease acres and 419,000 net mineral acres.

Source: ConocoPhillips press release