Devon Energy: STACK
Posted: Mon Dec 07, 2015 11:41 am
Devon Energy (NYSE:DVN) said Monday it would buy Felix Energy's assets in the STACK play of the Anadarko Basin in Oklahoma for $1.9 billion.
Under the deal Devon will acquire 80,000 net acres, with up to 10 prospective zones. In a separate deal, Devon will acquire 253,000 net acres in the Powder River Basin in Wyoming for $600 million.
The STACK play has been getting a lot of attention recently, with shale players looking for deals as oil stays lower for longer.
Earlier Continental Resources (NYSE:CLR) CEO Harold Hamm said his company has made its best asset purchases in a lower price environment and is bullish on its first well in central Oklahoma's STACK play. Hamm believes the play could be as profitable as the Bakken shale formation someday and he would consider forming a joint venture to explore the play.
Under the deal Devon will acquire 80,000 net acres, with up to 10 prospective zones. In a separate deal, Devon will acquire 253,000 net acres in the Powder River Basin in Wyoming for $600 million.
The STACK play has been getting a lot of attention recently, with shale players looking for deals as oil stays lower for longer.
Earlier Continental Resources (NYSE:CLR) CEO Harold Hamm said his company has made its best asset purchases in a lower price environment and is bullish on its first well in central Oklahoma's STACK play. Hamm believes the play could be as profitable as the Bakken shale formation someday and he would consider forming a joint venture to explore the play.