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Devon Energy had been actively shopping the Permian Basin assets, and others in the Rockies, the past several months.
Seven years since its last assessment, additional drilling and data show the shale plays outshine the Marcellus and Utica, both of which were last assessed at the beginning of the decade.
The SEC says Luca International Group hit up investors for the E&P while hiding huge losses. Luca’s founder is accused in a federal suit of using investor funds on a $2.5 million house.