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Devon buys oil assets

By Messenger Staff | Published Saturday, November 23, 2013

Devon Energy Corp. is buying oil-producing assets and other property in the Eagle Ford field in South Texas from GeoSouthern Energy for $6 billion. GeoSouthern is the fourth largest oil producer in Eagle Ford.

Devon, with its North Texas headquarters in Bridgeport, said the assets include production of 53,000 barrels of oil per day and 82,000 acres with at least 1,200 undrilled locations.

The acquisition includes acreage in DeWitt and Lavaca counties. The assets are expected to reach a peak production rate of about 140,000 barrels of oil per day.

Analysts said the GeoSouthern purchase will give Devon a better balance between oil and natural gas production. Currently oil accounts for about 12 percent of Devon’s total volume.

The deal is expected to close early next year.

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