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Devon’s Rich New Oil Fields

Devon Energy Corp (NYSE:DVN) reached an agreement to acquire the Eagle Ford shale assets of privately held GeoSouthern Energy for $6 billion in cash. The Eagle Ford shale assets are located in the region of south Texas where the fields are rich with oil shale. GeoSouthern Energy’s Eagle Ford shale assets produce about 53,000 barrels of oil per day on 82,000 acres of land.

Shares are up 4 percent on the acquisition news. This is a sound move by Devon.