Devon Energy Announces Acquisition of Cana-Woodford Shale Acreage

abarrelfullabarrelfull wrote on 07 May 2014 13:32
Tags: devon n-america shale upstream usa

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Devon Energy Corporation (NYSE:DVN) announced today it has agreed to acquire 50,000 net acres and associated production primarily in the Cana-Woodford Shale for $249 million in cash. The acquired properties represent half of the interests Cimarex Energy (NYSE:XEC) is agreeing to acquire in a cash transaction announced today. Devon’s portion of the agreed acquisition includes current production of approximately 5,800 barrels of oil equivalent per day (37 percent liquids) and proved reserves of approximately 23 million barrels of oil equivalent as of January 1, 2014.

“Consistent with our philosophy to add scale and scope to our operations, this acquisition significantly bolsters our position in one of our liquids-rich core development areas,” said Dave Hager, Devon’s chief operating officer. “These assets directly overlap our existing core Cana position and expand our exposure to other western Oklahoma oil and gas plays.”

Devon plans to discuss the transaction in more detail on its upcoming conference call following the release of first-quarter earnings on May 7, 2014. The transaction is expected to close by the end of the second quarter, subject to customary purchase price adjustments, terms and conditions.

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