Consideration for the transaction included $3.25 billion in cash and $1.75 billion in Devon equity. (Source: Shutterstock)
Devon Energy Corp. completed its $5 billion cash-and-stock acquisition of Grayson Mill Energy, the E&P announced on Sept. 27.
The acquisition transforms Devon’s Williston Basin business with the addition of more than 300,000 net acres, 500 undrilled gross locations and 300 refrac candidates, the company said in the press release.
“This strategic transaction is an excellent fit for Devon, enabling us to efficiently expand our operating scale and production," said Rick Muncrief, president and CEO.
Most of the new well locations are in the Bakken Shale and about 20% are in the Three Forks interval, the company had said back in July.
Consideration for the transaction included $3.25 billion in cash and $1.75 billion in Devon equity.
"I would like to thank the teams working together for their hard work and look forward to the successful integration,” Muncrief said.
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