On August 21, 2020, ConocoPhillips purchased oil and gas assets in the Inga/Fireweed/Stoddard region of British Columbia from Kelt Exploration Ltd. for gross cash proceeds of $510 million, prior to closing adjustments, plus the assumption of approximately $41 million in certain financing obligations.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the conventional and tight oil reservoirs, shale gas, heavy oil, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
Kelt Exploration Ltd. engages in the exploration, development, and production of crude oil and natural gas resources primarily in northwestern Alberta and northeastern British Columbia, Canada, and it sells its crude oil, natural gas, and natural gas liquids production primarily to third party marketing companies.
Osler, Hoskin & Harcourt LLP advised ConocoPhillips with a team consisting of Janice Buckingham, Aqeel Virk (Energy), Kaeleigh Kuzma, Peter Glossop, Danielle Chu (Competition) and Storme Mckop (Corporate).