Devon Energy Completes Acquisition of Eagle Ford Assets
Devon Energy Corp. has completed the acquisition of 82,000 net acres of assets in the Eagle Ford region from GeoSouthern Energy. Located in DeWitt and Lavaca counties in Texas, this light-oil position is already delivering some of the highest rates of return of any drilling opportunity in North America.
“Our Eagle Ford acquisition is one of several bold steps we have recently taken to upgrade our portfolio and improve the growth trajectory and profitability of our business,” said John Richels, president and CEO. Devon plans to invest approximately $1.1 billion in the Eagle Ford this year and will drill more than 200 wells.
For its 10 months of ownership in the play this year, the company’s net production is expected to average between 70,000 and 80,000 barrels of oil equivalent per day. With the majority of Devon’s Eagle Ford acreage derisked, this opportunity provides low-risk, repeatable oil growth for years to come.
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