Devon Closes Acquisition Of Eagle Ford Assets From GeoSouthern - Quick Facts

(RTTNews) - Devon Energy Corp. (DVN) said Friday it has closed the acquisition of Eagle Ford assets from GeoSouthern Energy as part of which Devon acquired 82,000 net acres in DeWitt and Lavaca counties in Texas.

"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 Devon CEO John Richels.

Devon has plans to invest about $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, Devon'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, the company said.