Devon Energy To Sell Its Non-core Mississippian Assets For $200 Mln

(RTTNews) - Devon Energy Corp. (DVN) said that it agreed to sell its non-core Mississippian assets in northern Oklahoma to White Star Petroleum, LLC for $200 million.

The transaction is subject to customary terms and conditions and is expected to close in the second quarter of 2016 with an effective date of January 1, 2016.

Net production from the Mississippian assets averaged 12,800 oil-equivalent barrels (Boe) per day in the first quarter of 2016, of which approximately 30 percent was oil.

The divestiture process for the Company's remaining non-core assets is ongoing. Devon is marketing its 50 percent interest in the Access Pipeline in Canada and anticipates an announcement in the first half of 2016. Efforts to monetize remaining upstream assets in the U.S. are also progressing. Data rooms for upstream assets have been open since early March and bids are expected in the second quarter. Overall, Devon remains on track to complete its $2 billion to $3 billion of non-core divestitures by year end.