New Market Report Now Available: Denbury Resources to Acquire Cedar Creek Anticline Assets from ConocoPhillips for US$1.05 Billion: Denbury Plans to Use CO2 Enhanced Oil Recovery to Extract Oil from the Mature Fields - Deal Analysis from GlobalData
Denbury Resources, Inc. (Denbury) has agreed to acquire an interest in producing properties in the Cedar Creek Anticline (CCA) of Montana and North Dakota from a wholly-owned subsidiary of ConocoPhillips for a cash consideration of US$1.05 billion. The company intends to fund the acquisition cost with cash proceeds of US$1.3 billion received from its Bakken asset sale and asset exchange with ExxonMobil, which was completed in December 2012. The transaction has an effective date of January 1, 2013.
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