ConocoPhillips to Acquire Lario Oil Assets

ConocoPhillips has entered an agreement with Lario Oil & Gas to acquire oil assets in the Niobrara exploration and development play in the US.

The assets cover a 186km² area in the Colorado counties of Arapahoe, Adams, Elbert and Douglas.

On completion of the transaction, ConocoPhillips will become operator of the leases and begin exploration efforts by the acquisition of a 3D seismic survey and drilling of test wells.

Lario Oil & Gas president and CEO Mike Shaughnessy said that with ConocoPhillips’ safe and successful history of developing unconventional plays, the project will be operated for the benefit of all parties concerned.