Marathon Oil (MRO) entered an agreement with Marubeni Corp, to jointly develop acreage in the Denver Julesburg Basin located in Wyoming and Colorado. The companies are developing the Niobrara Shale play.
Marubeni Corp will receive a 30% working interest in the 180,000 net acres in exchange for $270 million.
Marathon Oil is current conducting a seismic program in the Niobrara Shale and plans to drill between eight to twelve gross exploration wells in 2011.
