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ENERGY TECH
Devon acquires 50,000 acres of Oklahoma shale
by Daniel J. Graeber
Oklahoma City (UPI) May 7, 2013


Encana buys acreage in Eagle Ford shale
Calgary, Alberta (UPI) May 7, 2013 - Canadian energy company Encana said Wednesday it will pay around $3.1 billion to acquire acreage at the center of the Eagle Ford shale basin in Texas.

"Gaining a position in a world class, oil-rich resource play like the Eagle Ford accelerates the transition of our portfolio and underscores our investment focus on high margin assets," Encana President and Chief Executive Officer Doug Suttles said in a statement.

Encana's subsidiary, Encana Oil & Gas U.S.A. Inc., announced it acquired 45,500 acres of land in Texas from Freeport-McMoRan. Encana said the acreage produced around 53,000 barrels of oil equivalent per day during the first quarter of the year.

The Canadian company says the deal, which it described as a "bold strategic move," will almost double its current oil production capacity.

The U.S. Energy Information Administration said in an April report on Eagle Ford the shale basin in Texas saw oil production increase by 31,000 barrels per day from March.

Devon Energy Corp. announced it acquired 50,000 acres of shale acreage in Oklahoma that holds an estimated 23 million barrels of oil equivalent.

Devon, which has headquarters in Oklahoma City, said it purchased the acreage from rival Cimarex Energy for $249 million in cash.

Devon Chief Operating Officer Dave Hager said the acreage in the Cana-Woodford shale is producing an average 5,800 barrels of oil equivalent per day and is consistent with the company's vision for expansion.

"These assets directly overlap our existing core Cana position and expand our exposure to other western Oklahoma oil and gas plays," he said in a statement Tuesday.

The U.S. Energy Information Administration categorizes the Cana-Woodford shale as an "emerging" basin in Oklahoma, the fifth largest oil producer in the nation.

Devon's announcement followed a report from the U.S. and Oklahoma Geological Surveys that found some of the byproducts associated with the oil and gas industry may be the cause of a high rate of earthquakes in the state.

Devon said the deal with Cimarex should close by the end of the second quarter.

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