ConocoPhillips to buy acreage in Canada from Kelt Exploration

Houston-based ConocoPhillips (NYSE: COP) is expanding its footprint in Canada’s Montney zone for about $375 million in cash, according to a July 22 press release.

ConocoPhillips will acquire 140,000 net acres from Calgary-based Kelt Exploration Ltd. and will assume approximately $30 million in financing obligations for associated partially owned infrastructure. The deal is expected to close before October.

The Inga-Fireweed acreage is directly adjacent to ConocoPhillips’ existing Montney acreage…