ConocoPhillips buys natural gas assets from Kelt Exploration Ltd.
Calgary-based Kelt Exploration had almost reached its limit on its bank lines before selling 140,000 acres of natural gas properties to Houston-based ConocoPhillips on July 22 for $510 million in cash. The deal eliminated Kelt’s debt.Canada’s largest oil and gas company CNRL announced on Aug. 10 it would pay $111 million in cash to buy Painted Pony, a mid-sized natural gas producer, and assume its $350 million of debt.
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