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Devlan acquiring private company for $23 million (Can.)

By OGJ editors
HOUSTON, Sept. 21 -- Devlan Exploration Inc., Calgary, agreed to acquire a private company having producing assets concentrated in the Peace River arch that complement Devlan's existing properties.

The deal is worth $23 million (Can.), but the name of the company being acquired was withheld. The properties produce 4.4 MMcfd of natural gas and 17 b/d of natural gas liquids.

The acquisition involves several low risk drilling locations, Devlan said.


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