Even though oil prices recently plunged to near seven-year lows with prices dipping below $40 per barrel, Devon Energy Corp. is moving ahead with an audacious land acquisition.
Based in Oklahoma, Devon has a substantial Texas presence with operations in several fields including the Barnett Shale, the Eagle Ford Shale and the Permian Basin. The company recently announced it has agreed to acquire 80,000 net surface acres with up to 10 prospective zones in the Anadarko Basin STACK play in Oklahoma from privately held Felix Energy, a portfolio company of EnCap Investments, for $1.9 billion.
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