ConocoPhillips Acquires Niobrara Acreage from Lario Oil & Gas
ConocoPhillips (NYSE:COP) today announced that it has entered into an
agreement to acquire up to 46,000 net acres of leasehold from Lario Oil
& Gas Company in the Colorado counties of Arapahoe, Adams, Elbert and
Douglas. This agreement represents a significant investment by
ConocoPhillips in this area south and east of the greater Denver
metroplex.
'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 will become operator of the acquired leases and will
begin exploration efforts as soon as possible with the acquisition of a
3-D seismic survey and drilling of test wells. The company has a long
track record of safe and environmentally prudent development of
unconventional plays in North America and will leverage the knowledge
and expertise it has gained in plays such as the San Juan Basin, Bakken,
Barnett and Eagle Ford.
'Lario Oil & Gas Company is pleased to make this significant transaction
with an industry leader such as ConocoPhillips,? said Mike
O′Shaughnessy, President/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.?
About ConocoPhillips
ConocoPhillips is an integrated energy company with interests around the
world. Headquartered in Houston, the company had approximately 29,900
employees, $160 billion of assets, and $244 billion of annualized
revenues as of June 30, 2011. For more information, go to www.conocophillips.com.
About Lario Oil & Gas Company
Lario Oil & Gas Company is a private, family-owned entity founded in
1927 and headquartered in Denver, Colorado and Wichita, Kansas. Lario
has assets and operations in the Mid Continent, the Rockies, the Permian
Basin, and California. Lario is focused on developing its significant
holdings in liquids rich shale and tight rock plays such as the
Niobrara, Bakken/Three Forks, and the Mississippian horizontal play
(OK/KS) while continuing to refine and enhance its legacy conventional
asset base. For more information, go to www.lario.net.
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OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements within the
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Forward-looking statements relate to future events and anticipated
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forward-looking statement, the company expresses an expectation or
belief as to future results, such expectation or belief is expressed in
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be no assurance that such expectation or belief will result or be
achieved. The actual results of operations can and will be affected by a
variety of risks and other matters including, but not limited to, crude
oil and natural gas prices; refining and marketing margins; potential
failure to achieve, and potential delays in achieving expected reserves
or production levels from existing and future oil and gas development
projects due to operating hazards, drilling risks, and the inherent
uncertainties in interpreting engineering data relating to underground
accumulations of oil and gas; unsuccessful exploratory drilling
activities; lack of exploration success; potential disruption or
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could cause actual results to differ materially from those described in
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as set forth in our filings with the Securities and Exchange Commission
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to update publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.
ConocoPhillips
Davy Kong, 281-293-2701
davy.kong@conocophillips.com
or
Lario
Oil & Gas Company
Mike O′Shaughnessy, 303-595-8030
