Devon Energy to buy Eagle Ford assets for $6 billion

12/02/2013
Devon Energy Corp. has reached a definitive agreement to purchase Eagle Ford assets from Woodlands, Tex.-based independent GeoSouthern Energy for $6 billion in cash. The transaction is expected to close in first-quarter 2014. Current production in the assets consists of 53,000 boe/d and 82,000 net acres including at least 1,200 undrilled locations. The risked recoverable resource is estimated at 400 million boe, with the majority as proved reserves. The acreage is in the largely contiguous Lavaca and DeWitt counties in Texas, the latter of which holds acreage that's largely derisked. Oklahoma City-based Devon stated the acreage position demonstrates the highest average initial production ...
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