In the span of a couple of weeks in June and July, gas lands have been making good--$3 billion worth of good.

Devon Energy Corp., sitting on Eagle Ford oil, dealt the last of its noncore natural gas assets to Linn Energy LLC and LinnCo LLC for $2.3 billion on June 30.

Early July saw Pantera Energy spend $390 million for BP’s Texas Panhandle gas. In the Marcellus, Warren Resources Inc. bought $325.5 million worth of gas assets and Rice Energy Inc. spent $336 million on gas.

For natural gas acquisitions, the mini-resurgence continues, even as prices dip.

Gas prices sank in July because of cooler temperatures. Still, what some believed would be a short-lived spike in gas prices has so far had staying power. Henry Hub spot prices from June 19 to June 25 averaged $4.56 per million British thermal units (Btu) compared with $3.85/MMBtu a year ago.

However, supply is up 4 billion cubic feet per day (Bcf/d), driven by 4.6 Bcf/d of Northeast growth, according to commentary by Tudor, Pickering, Holt & Co. Demand, on the other hand, is just so-so: Residential, commercial and power demand is flat year-over-year.

Save for the need to refill depleted stores, the country would be swimming in gas. As a region, the Eagle Ford, known for its powerhouse oil production, has posted the greatest increase in natural gas production growth since 2011. In June 2014, the shale produced an estimated 7 Bcf/d, an incremental increase of 4.3 Bcf/d from 2011 (and up 259% overall).

The Devon/Linn deal gives Linn working assets in the Rockies, Midcontinent, East Texas, South Texas and North Louisiana. Proved reserves are estimated to be between 1.3 Tcfe and 1.5 Tcfe, with current production of 275 MMcfe/d and 3,800 active wells.

But prices may continue to plague the commodity. Linn will no doubt consider hedging a great deal of production, said Sylvia Barnes, managing director and head of KeyBanc Capital Markets Oil & Gas Group. Gas has yet to find a consensus price, she said.

Whether the market for gas assets lasts, natural gas--and oil, of course--has strengthened the acquisitions and divestitures market. Fourth-quarter 2013 generated deal value of $15.08 billion, statistics from PLS Inc. show. The first quarter of 2014 edged up to $15.65 billion and the second quarter took off with some $21.1 billion in deals.

Gas has become a player in those big numbers. Purely natural gas transactions in the fourth quarter of 2013 averaged $31,701 per boe/d. Gas deals in the first half of 2014 fetched up to $45,285 boe/d.

In 2014, the largest transaction to date is Encana Corp.’s June 20 acquisition of 45,500 net Eagle Ford acres in South Texas from Freeport-McMoRan for $3.1 billion. That deal, however, emerged only after Encana found a buyer for its Jonah Field natural gas assets in Wyoming for $1.8 billion.

In several plays, Chesapeake Energy founder Aubrey McClendon, too, has stockpiled gassy assets. McClendon’s American Energy Partners has actively hunted in the Utica and Marcellus. On June 9, American Energy–Utica LLC announced plans to buy additional gassy assets there for $1.75 billion.

American Energy-Utica has invested more than $3.5 billion in the Utica and plans to drill about 2,600 gross wells and 1,560 net wells on its acreage.

McClendon’s companies in 2014 have spent at least $5.85 billion, mostly on natural gas.

Devon’s future appears wide open. Its noncore divestments add a thick layer of cash to an already large pile and its goal to jettison noncore assets has succeeded.

“With the deal proceeds, we are modeling 2014 cash balance at about $4 billion and year-end 2014 net debt/EBITDA falling to 1.5x,” said Andrew Coleman, analyst for Raymond James Financial Inc. “The cash from sale of assets can cover 30% of Devon’s 2014 capital budget” at a model of about $6 billion in capex.

Devon might also use the funds to expand its drilling program, since the company plans to drill about 350 wells in 2014. Or, it could return capital to its shareholders. Devon shares are up 28% year-to-date.

The company’s production can grow even higher, Coleman said.

Devon believed it was adding a key ingredient when it closed on its $6 billion entry into the Eagle Ford in February.

All those natural gas buyers may be just as confident. But gas producers may feel a chill coming, just not the kind they want.