Devon Closes $865 Million Acquisition of RimRock Oil and Gas
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Devon Energy Corp. has completed its acquisition of the leasehold interest and related assets of RimRock Oil and Gas 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 percent working interest) directly offsetting and overlapping Devon’s existing position.
Production from the acquired assets is expected to increase to an average of 20,000 Boe per day over the next year. The transaction also adds more than 100 highly economic undrilled inventory locations, positioning the company’s Williston Basin assets to maintain high-margin production and strong cash flow for several years.
About Devon Energy
Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations.
To stop by Devon Energy’s website, CLICK HERE
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