ConocoPhillips Surges After $559 Million Exploration Rights Bid

Shares of ConocoPhillips (COP) climbed after the company put in a $559 million dollar bid for exploration rights in Canada, making it TheStreet's Move of the Day. ConocoPhillips Canada Resources teamed up with Exxon Mobil Canada (XOM) and Suncor Energy (SU) to offer a combined bid for rights to explore the deep water Flemish Pass in Canada. The regulator for Newfoundland's offshore sector said that is the highest bid ever for exploration rights off the island. The region northeast of St. John's, is where Statoil (STO) of Norway last year announced the Bay du Nord find. Bay du Nord is estimated to contain up to 600 million barrels of light, sweet crude.