Devon completes $6 billion purchase of Eagle Ford assets

Mar 03, 2014 12:00 AM

Devon Energy Corp., Oklahoma City, has completed its $6 billion purchase of 82,000 net acres in the Eagle Ford play from Woodlands, Tex.-based GeoSouthern Energy more than 3 months after the agreement was reported.

The assets, in DeWitt and Lavaca counties in Texas, are part of Devon’s plan to invest $1.1 billion in the Eagle Ford this year while drilling more than 200 wells.

The company’s net production in the play for the remainder of the year is expected to average between 70,000-80,000 boe/d.

Devon previously said it expects the assets to expand at a compound growth rate of 25%/year over the next several years, reaching a peak production rate of 140,000 boe/d.

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