Devon Energy Announces Acquisition of Cana-Woodford Shale Acreage

OKLAHOMA CITY--(BUSINESS WIRE)--

Devon Energy Corporation DVN announced today it has agreed to acquire 50,000 net acres and associated production primarily in the Cana-Woodford Shale for $249 million in cash. The acquired properties represent half of the interests Cimarex Energy XEC is agreeing to acquire in a cash transaction announced today. Devon's portion of the agreed acquisition includes current production of approximately 5,800 barrels of oil equivalent per day (37 percent liquids) and proved reserves of approximately 23 million barrels of oil equivalent as of January 1, 2014.

“Consistent with our philosophy to add scale and scope to our operations, this acquisition significantly bolsters our position in one of our liquids-rich core development areas,” said Dave Hager, Devon's chief operating officer. “These assets directly overlap our existing core Cana position and expand our exposure to other western Oklahoma oil and gas plays.”

Devon plans to discuss the transaction in more detail on its upcoming conference call following the release of first-quarter earnings on May 7, 2014. The transaction is expected to close by the end of the second quarter, subject to customary purchase price adjustments, terms and conditions.

Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is a leading U.S.-based independent oil and gas producer and is included in the S&P 500 Index. For additional information, visit www.devonenergy.com.

This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission (SEC). Such statements are those concerning strategic plans, expectations and objectives for future operations. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. These risks are identified in our Form 10-K and our other filings with the SEC. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date of this press release, even if subsequently made available by Devon on its website or otherwise. Devon does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.