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As a result, we are reviewing opportunities in multiple operating areas to create additional value through strategic asset sales, joint venture agreements and participation, or farmout agreements.

He said other options included a farmout, in which an oil company sells a small stake in its assets, or hedging through selling Brent oil futures.

The farmout agreement gives Conocophillips the option to takeover operating the basin, where exploration is restricted by the French government, after the initial phase.

Equal Energy, which converted to a corporation from Enterra Energy Trust last year, had a farmout dispute with Petroflow which was resolved in January.

Equal and Petroflow will equalize on a 50:50 basis the interests in zones above the Hunton in sections of land that were earned during the farmout, and Petroflow will operate a development program over these assets, Equal Energy said in a statement.