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ConocoPhillips Seals Deal for Kelt's Montney Assets

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   |    Friday,August 21,2020

ConocoPhillips has completed its $390MM acquisition of additional Montney acreage in Canada from Kelt Exploration Ltd.

The purchase price was increased to $390 million from $375 million when the deal was first struck.

The company also assumed approximately $30 million in financing obligations for associated partially owned infrastructure. The company now has 295,000 net acres in the Montney with 100 percent working interest.

Conoco COO Matt Fox said: "The liquids-rich Montney represents an attractive low cost of supply resource within our portfolio. By nearly doubling our net acreage position, this acquisition provides us with the scale to optimize development in an area where we are already seeing encouraging early results."

Production associated with the acquired asset was approximately 15 MBOED in the second quarter of 2020. 

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