Devon Energy Announces $2.2 Billion Transaction on Five New Venture Plays
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“This arrangement improves Devon’s capital efficiency by recovering our
land and drilling costs to date and by significantly reducing our future
capital commitments,” said
“While we are still in the early stages of derisking these plays, the
tremendous response by industry to our data room process clearly
underscores the attractiveness of this opportunity,” said
Devon will serve as the operator and will have ultimate responsibility for the allocation of capital. The company is also responsible for commercially marketing all production from these plays into the North American market. Subject to customary government and regulatory approvals, the closing is expected to occur in the first quarter of 2012.
This press release includes "forward-looking statements" as defined
by the
Source:
Devon Energy Corporation
Investor Contact
Shea Snyder,
405-552-4782
or
Media Contact
Chip Minty, 405-228-8647