ConocoPhillips reported to be letting Elbert Co. leases expire

Slide showing Niobrara Land position from Conoco Phillips Feb 2013 Analyst Presentation – Click to Enlarge

Slide showing Niobrara Land position from Conoco Phillips Feb 2013 Analyst Presentation – Click to Enlarge

Niobrara News readers in Elbert County have reported that ConocoPhillps (COP) has been letting their leases expire without invoking the provision that allowed COP to extend the leases for an additional 2 years by paying an additional sum equal to the initial bonus. COP is however reportedly renewing their leases in Arapahoe County.

ConocoPhillips has drilled a handful wells this year on properties surrounding their Lowry Bombing Range (LBR) holding.  Drill results from these new wells, along with wells drilled last year, remain elusive. (ConocoPhillips Niobrara Drill Results Remain Elusive)  COGCC records show low production figures for wells drilled last year, but no completions.

Recent activity shows COP to be petitioning the COGCC in their October 28-29th hearing for the conversion of a few 640 acre spacing units to 1280 acre spacing units on properties north of the Lowry Bombing Range. Larger spacing units are typically requested in order to drill extended laterals.   ConocoPhillips clearly has continuing interest in this area.

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