ConocoPhillips recently announced that it has acquired 245,000 net acres at a very low cost in mostly in the early cycle Austin Chalk play in Central Louisiana where the company plans to drill several exploration wells this year. Conoco’s goal is to replicate the recent excellent results from the Texas Austin Chalk into Louisiana. Amelia Resources President Kirk Barrel said his company sold Conoco 85,000 acres last December for $87 million or $1,023/acre. He......
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