Sumitomo To Pay $1.4B For Devon Energy's Texas Shale Stake

Law360, New York (August 1, 2012, 1:16 PM EDT) -- Oklahoma oil and gas company Devon Energy Corp. has sold a 30 percent stake in two Texas shale plays totaling roughly 650,000 acres to Japanese conglomerate Sumitomo Corp. for roughly $1.4 billion, Devon announced Wednesday.

Sumitomo will buy the minority stake in Devon's interest in the Cline Shale and Midland-Wolfcamp Shale, both located in the fossil-fuel rich Permian Basin in Texas. The companies will form a joint venture to develop the acreage and drill up to 40 wells by the end of the year, Devon said....
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