ConocoPhillips (NYSE:COP) entered into a definitive agreement to acquire Inga/Fireweed/Stoddart assets from Kelt Exploration (LNG) Ltd. for approximately CAD 550 million on July 22, 2020. Kelt Exploration Ltd. (TSX : KEL), parent of Kelt Exploration (LNG) Ltd. will receive cash proceeds of CAD 510 million, prior to closing adjustments, and ConocoPhillips will assume certain specific financial obligations related to the Inga/Fireweed/Stoddart assets in the amount of approximately CAD 41 million. All of Kelt Exploration Ltd.'s remaining British Columbia assets, including the Montney lands at Oak/Flatrock will remain with Kelt Exploration (LNG) Ltd. Completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals and approvals under the Competition Act (Canada). Closing is expected to occur on or around August 21, 2020. The transaction provides operating scale and flexibility to create significant value for shareholders by applying ConocoPhillips's drilling and completion techniques on these assets and optimizing its future overall development plans for Montney. William Guinan, Steve Pearson, Jennifer Hanna, Peter Bryan, Richard Eisenbraun, Beverly Gilber and Shauna Crothers of Borden Ladner Gervais LLP acted as legal advisor to Kelt Exploration (LNG) Ltd.