ConocoPhillips announced it has entered into an agreement to sell its interests in the Barnett shale play to Lime Rock Resources for approximately $230 million plus net customary adjustments. Proceeds from this transaction will be used for general corporate purposes.

Production associated with the Barnett assets for the first half of 2018 averaged 9 thousand barrels of oil equivalent per day, of which approximately 55 percent was natural gas and 45 percent was natural gas liquids. The transaction is subject to specific conditions precedent being satisfied and is expected to close by year-end 2018.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $69 billion of total assets, and approximately 11,200 employees as of June 30, 2018. Production excluding Libya averaged 1,216 MBOED for the six months ended June 30, 2018, and proved reserves were 5.0 billion BOE as of Dec. 31, 2017.

About Lime Rock Resources

Based in Houston, the Lime Rock Resources team acquires, operates, and improves producing oil and gas properties in the United States. The team has acquired properties in select oil and gas basins nationwide as it seeks to provide its investors with attractive long-term returns. Established in 1998, Lime Rock Management has raised $8.6 billion in private equity funds for investment in the energy industry through Lime Rock Resources and Lime Rock Partners, investors of growth capital in E&P and oilfield services companies.