Devon Buys 50,000 shale acres for $249 million cash

Reuters

May 6 (Reuters) - Devon Energy Corp on Tuesday said it acquired 50,000 acres and some production in the Cana-Woodford Shale in Oklahoma for $249 million in cash from Cimarex Energy Co.

The deal includes current production of 5,800 barrels of oil equivalent per day, Devon said.

Devon, based in Oklahoma City, Oklahoma, is due to report is first-quarter earnings on Wednesday.

(Reporting by Anna Driver)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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