ConocoPhillips will begin oil exploration in Arapahoe, Adams, Elbert and Douglas counties as a result of an agreement to acquire up to 46,000 leasehold acres from the Lario Oil & Gas Co.
The Houston-based company did not say how much money it paid for the acreage but called the deal a “significant investment” in areas to the south and east of the Denver metro area.
“ConocoPhillips is pleased to have this opportunity to participate in the emerging Niobrara exploration and development play,” said Larry Archibald, senior vice president of Business Development for ConocoPhillips.
Archibald said Lario has developed strong relationships in the area where the exploration is to take place and ConocoPhillips will – as a first step – demonstrate its commitment “to act as a steward of this region’s natural resources.”
The oil firm said that it will become the operator of the leases and will begin exploration as soon as possible with a 3-D seismic survey and the drilling of test wells.
…also view article Lario Oil & Gas Wildcatting the Niobrara on Niobrara News for maps of the permitted wells now owned by ConocoPhillips.