Devon Energy Corporation completed its previously announced acquisition of Eagle Ford assets from GeoSouthern Energy. Devon has acquired 82,000 net acres located in DeWitt and Lavaca counties in Texas. This world-class light-oil position is delivering outstanding well results offering some of the highest rate-of-return drilling opportunities in North America.
'Our Eagle Ford acquisition is one of several bold steps we have recently taken to upgrade our portfolio and improve the growth trajectory and profitability of our business,' said John Richels, president and chief executive officer. 'We were able to acquire these premier Eagle Ford assets at a price well below our current EBITDA multiple, resulting in immediate accretion to Devon shareholders on virtually every metric, including cash flow per debt-adjusted share.'