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$COP To Sell Some Properties to $DNR for $1.05 Billion

“ConocoPhillips (COP) agreed to sell its properties in the Cedar Creek Anticline to Denbury Resources Inc. (DNR) for $1.05 billion as the Houston company aims to focus on its unconventional Bakken position.

“This disposition represents further optimization of our portfolio,” said Don Wallette, Conoco’s executive vice president of commercial, business development and corporate planning. “The transaction will allow us to focus our investments in North Dakota and Montana on our significant Bakken unconventional position.”

The properties consist of about 86,000 net acres in southwestern North Dakota and eastern Montana. ConocoPhillips said its 2012 net production from these properties averaged 13,000 barrels of oil equivalent per day through November. The sale doesn’t include any of ConocoPhillips’ assets in the Bakken Formation, where it owns 626,000 net acres.

Conoco expects the sale to add $120 million to its fourth quarter earnings….”

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