OKLAHOMA CITY--(BUSINESS WIRE)--Devon Energy Corp. (NYSE: DVN) announced today it has entered into a definitive agreement to sell 9,600 net acres of non-core Delaware Basin acreage in Ward and Reeves County to Carrizo Oil and Gas for $215 million. Net production from these properties is approximately 2,500 oil-equivalent barrels per day (60 percent oil). The transaction is expected to close in the fourth quarter of 2018, subject to customary terms and conditions.
With this transaction, total proceeds from Devon’s divestiture program have now reached $4.4 billion. The company expects to monetize additional minor, non-core assets across the United States by year-end. These divestiture packages include enhanced oil recovery projects in the Midland Basin and Rockies along with Wise County acreage in the Barnett Shale.
Jefferies LLC acted as the financial advisor to Devon on the transaction. Vinson & Elkins acted as legal advisor to Devon.
About Devon Energy
Devon Energy is a leading independent energy company engaged in finding and producing oil and natural gas. Based in Oklahoma City and included in the S&P 500, Devon operates in several of the most prolific oil and natural gas plays in the U.S. and Canada with an emphasis on achieving strong returns and capital-efficient cash flow growth. For more information, please visit www.devonenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. These risks include, but are not limited to: the delay or failure to consummate the transaction due to unsatisfied closing conditions or otherwise; the amount of proceeds received due to purchase price adjustments and other factors, and the ultimate use of those proceeds; and the other risks identified in the Company’s Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission (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 hereof, and the company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.
