Devon Energy Corp., Oklahoma City, has agreed to sell the southern portion of its Barnett shale position for $553 million to an undisclosed buyer.
Net production from the assets, located largely in Johnson County, currently average 200 MMcfd of gas equivalent.
“Combined with other recent asset sales, divestiture proceeds associated with our 2020 Vision have now reached $1 billion,” said Pres. and Chief Executive Officer Dave Hager (OGJ Online, May 3, 2017).
The sale is expected to close in this year’s second quarter.
The company’s remaining position in the Barnett shale primarily resides in Denton, Wise, and Tarrant counties, with current production of 680 MMcfed. The position contains an inventory of 1,500 potential locations, consisting of undrilled inventory and horizontal refracturing opportunities.