ConocoPhillips (COP) said it has agreed to sell its interests in the Barnett shale play to Lime Rock Resources for about $230 million plus net customary adjustments.
The company will use proceeds from this transaction for general corporate purposes.
Production associated with the Barnett assets for the first half of 2018 averaged 9 thousand barrels of oil equivalent per day, of which about 55 percent was natural gas and 45 percent was natural gas liquids.
The transaction, subject to specific conditions precedent being satisfied, is expected to close by year-end 2018.
by RTTNews Staff Writer
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