Devon Energy Completes Williston Basin Bolt-On Acquisition
, fromDevon Energy Corporation
Devon Energy Corp. has completed its $865 million purchase of RimRock Oil and Gas, LP's Williston Basin assets. Over the next year, production from the acquired assets is expected to increase to an average of 20,000 Boe per day.
Devon Energy Corp. announced today that it has completed its previously announced acquisition of RimRock Oil and Gas, LP's leasehold interest and related assets in the Williston Basin for a total cash consideration of $865 million, less purchase price adjustments.
This acquisition adds a contiguous position of 38,000 net acres (88% working interest) to Devon's existing position, directly offsetting and overlapping it. Over the next year, production from the acquired assets is expected to increase to an average of 20,000 Boe per day. The transaction also includes more than 100 highly profitable undrilled inventory locations, putting the company's Williston Basin assets in a strong position to maintain high-margin production and cash flow for several years.
Devon Energy is a premier multi-basin oil and gas producer in the United States, with a world-class acreage position in the Delaware Basin. Devon's disciplined cash-return business model is designed to generate strong returns, free cash flow, and capital returns to shareholders while focusing on safe and sustainable operations. Please visit www.devonenergy.com for more information.
Source: Devon Energy news