ConocoPhillips will operate the acquired leases and will begin exploration works shortly with the acquisition of a 3-D seismic survey and drilling of test wells.
ConocoPhillips will acquire Niobrara acreage in the Colorado counties including Arapahoe, Adams, Elbert and Douglas.
Lario president and CEO Mike O’Shaughnessy said the project to be acquired by ConocoPhillips will be operated with the greatest regard for the local residents and environment, and for the benefit of all parties concerned.
The company said the transaction represents a significant investment by ConocoPhillips in this area south and east of the greater Denver metroplex.
ConocoPhillips is an integrated energy company with interests globally.
