Lime Rock Resources has agreed to acquire ConocoPhillips’ Barnett shale play assets comprising oil and natural gas properties located mainly in Montague, Wise, Denton, and Cooke Counties, Texas for nearly $230m, subject to customary purchase price adjustments.
The transaction represents Lime Rock Resources’ first acquisition in the Fort Worth Basin. The transaction is expected to close by year-end 2018, subject to customary closing conditions.
Lime Rock Resources co-CEO Eric Mullins 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.”
Lime Rock Resources co-CEO Charlie Adcock said: “We look forward to applying our operational improvement strategies to a property in a new basin. The assets provide the acquiring fund with robust cash flow and substantial horizontal development opportunities.”
Source: Company Press Release