Devon Energy Sharpens Focus on Core Assets
” Agrees to acquire premier oil-focused leasehold in STACK and Powder River Basin plays
” Creates industry-leading positions in best emerging oil development plays in North America
” Adds thousands of high-quality drilling locations with substantial resource upside
” Commences divestiture program with targeted proceeds of $2 to $3 billion
” Proceeds from asset sales to bolster financial position
OKLAHOMA CITY–Dec 7, 2015–(BUSINESS WIRE)– Devon Energy Corp. (NYSE:DVN) today announced it has agreed to acquire 80,000 net surface acres, with up to 10 prospective zones, in the Anadarko Basin STACK play from privately held Felix Energy, a portfolio company of EnCap Investments, for $1.9 billion.