US supermajor ConocoPhillips has announced its completion of the Montney acreage acquisition in Canada from Kelt Exploration for a total of $390 million, according to a press release.

The company also assumed approximately $30 million in financing obligations for associated partially owned infrastructure. The company now has a total net acreage of 295,000 in the Montney with 100% working interest.

Matt Fox, COO of ConocoPhillips, said, “The liquids-rich Montney represents an attractive low cost of supply resource within our portfolio. By nearly doubling our net acreage position, this acquisition provides us with the scale to optimize development in an area where we are already seeing encouraging early results.

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Production associated with the acquired asset was approximately 15,000 barrels of oil equivalent per day (boe/d) in Q2 2020.