Devon Energy and Kerr-McGee transaction completed

Dec 31, 1996 01:00 AM

Devon Energy Corporation and Kerr-McGee Corporation have consummated the merger of Kerr-McGee's North American onshore oil and gas exploration and production businesses into Devon. The two companies previously announced the intended combination on October 17, 1996. At a meeting held on December 6, 1996, the merger was overwhelmingly approved by the shareholders of Devon and became effective on December 31, 1996. The properties contributed to Devon had estimated proved oil and gas reserves of 61 mmb of oil equivalent as of year-end 1995. Devon also gains 370,000 net acres of undeveloped leasehold (drilling rights). Kerr-McGee received 9,954,000 newly issued Devon common shares. Kerr-McGee also gained representation on Devon's Board of Directors.
As a result of this transaction, Devon's proved reserves increased by roughly 50 %. This transaction also triples Devon's inventory of undeveloped acreage. The properties involved are concentrated in the Permian Basin, Mid-Continent and Rocky Mountainregions of the United States, and in western Canada.

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