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ConocoPhillips acquires Niobrara acreage from Lario Oil & Gas

Looking for Niobrara acreage, ConocoPhillips (NYSE:COP) has entered into an agreement to acquire up to 46,000 net acres of leasehold from Lario Oil & Gas Co. in the Colorado counties of Arapahoe, Adams, Elbert and Douglas. Terms of the deal were not disclosed.

"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, who recently announced plans to spin-off into two separate public companies, will serve as operator of the leases and expects to begin exploration efforts as soon as possible with the acquisition of a 3D seismic survey and drilling of test wells.

“Lario Oil & Gas Company is pleased to make this significant transaction with an industry leader
such as ConocoPhillips,” said Mike O’Shaughnessy, president and 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.”

Lario Oil & Gas Co. is a privately owned independent oil and gas company with interests and operations in the Permian Basin of West Texas and New Mexico, the Greater Green River Basin of Wyoming, the Williston Basin of Montana and North Dakota, the Denver Julesburg Basin, the Mid Continent Region (Oklahoma and Kansas), the Arkoma Basin (Eastern Oklahoma), South Texas, the Sacramento Basin of California, and internationally in the Canadian provinces of Alberta and Saskatchewan.

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