ConocoPhillips announced Thursday it completed its $230 million sale of its Barnett assets to Lime Rock Resources.
The sale of properties in Montague, Wise, Denton and Cooke Counties, Texas was announced in early August. It was the Houston company’s first acquisition in the Fort Worth Basin.
Eric Mullins, co-CEO of Lime Rock Resources, said at the time of the original announcement, “The recent acquisition provides the Lime Rock Resources fund with an entry into the liquids rich Barnett portion of the Fort Worth, which is a basin that we have been attracted to for several years.”
The acquisition involves about 114,000 net acres . Lime Rock Resources is a company established in 1998. Since then, it has raised $8.6 billion in private equity funds for investment in the energy industry.
Production for ConocoPhillips in the Barnett averaged 9,000 barrels of oil equivalent a day in the first half of 2018. About 55 percent was natural gas and 45 percent was natural gas liquids.