Denbury to Purchase ConocoPhillips’ Rockies Oilfields

Bloomberg reported that Denbury Resources Inc. (NYSE:DNR) has agreed to purchase acreage in Montana and North Dakota from ConocoPhillips for $1.05B as part of its expansion plans in the Rocky Mountain.

As quoted in the market news:

The 86,000 acres Denbury is acquiring yielded the equivalent of about 11,000 barrels of oil a day, offsetting 12,500 barrels of average daily production lost in the Exxon sale, according to slides posted today on the company’s website.

Click here to read the full Bloomberg report.