Denbury in $1bn ConocoPhillips splash

Eoin O'Cinneide

 15 January 2013 12:59 GMT

Denbury Resources is putting much of the cash it received from an asset sale to ExxonMobil last year to work by tying up a purchase deal with ConocoPhillips.

The Texas-based independent is spending $1.05 billion on certain producing assets in the Cedar Creek Anticline of Montana and North Dakota in an all-cash deal, it said on Tuesday.

Denbury is funding the purchase through the $1.05 billion it set aside out of the $1.3 billion netted from a Bakken asset sale to ExxonMobil which closed in December.

Some of the ConocoPhillips interests being acquired are in properties already operated by Denbury while the latter is also netting some new operated acreage.

The assets to be acquired have estimated proved conventional reserves of approximately…

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