Devon Energy Sharpens Focus on Core Assets

”    Agrees to acquire premier oil-focused leasehold in STACK and Powder River Basin plays
”    Creates industry-leading positions in best emerging oil development plays in North America
”    Adds thousands of high-quality drilling locations with substantial resource upside
”    Commences divestiture program with targeted proceeds of $2 to $3 billion
”    Proceeds from asset sales to bolster financial position

OKLAHOMA CITY–Dec 7, 2015–(BUSINESS WIRE)– Devon Energy Corp. (NYSE:DVN) today announced it has agreed to acquire 80,000 net surface acres, with up to 10 prospective zones, in the Anadarko Basin STACK play from privately held Felix Energy, a portfolio company of EnCap Investments, for $1.9 billion.

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