Devon Puts Up $6B For GeoSouthern Texas Assets

Law360, New York (November 20, 2013, 3:13 PM EST) -- Devon Energy Corp. has agreed to pay $6 billion for GeoSouthern Energy's oil assets in the Eagle Ford Shale, the companies announced Wednesday.

The property has 82,000 net acres, which produce 53,000 barrels of oil per day, with 1,200 locations left undrilled, according to Devon. The company has wanted to expand for years and settled on the Eagle Ford play for its abundance of light oil, paying 2.5 times the expected 2015 earnings before interest, taxes, depreciation and amortization on the GeoSouthern properties. Eagle Ford is...
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