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ConocoPhillips in $13 million Colombia shale oil deal

Wednesday, February 27, 2013

Canacol Energy, a Calgary, Canada, firm that operates in Colombia, said it will explore for shale oil with ConocoPhillips in Colombia's Middle Magdalena basin.

Under the terms of the deal, ConocoPhillips will pay $13.5 million in cash and carry the cost of the drilling, completing, and testing of up to 13 wells.

Canacol said the agreement between the two companies calls for exploration and potential development of the Santa Isabel contract.

Source: Dow Jones