Denbury Resources Inc. has announced that it has entered into an agreement to acquire producing property interests in the Cedar Creek Anticline (CCA) of Montana and North Dakota from a wholly-owned subsidiary of ConocoPhillips for $1.05 billion cash.
The assets to be purchased include additional interests in certain of Denbury’s existing operated fields in CCA along with operating interests in other CCA fields.
The acquisition is subject to satisfactory completion of customary title and environmental due diligence, as well as the satisfaction of customary closing conditions.
The acquisition is subject to satisfactory completion of customary title and environmental due diligence, as well as the satisfaction of customary closing conditions.
The acquisition is expected to close near the end of the first quarter of 2013 with a January 1, 2013 effective date. The purchase price is subject to standard adjustments for revenues and costs of the properties to be acquired from the effective date to the closing date.