Devon has signed a joint venture deal to pursue their shale projects. The Tuscaloosa Marine Shale is one of the five.
"China Petroleum & Chemical Corp.’s Sinopec International Petroleum Exploration & Production unit agreed to buy a one-third stake in five Devon Energy Corp. (DVN) exploratory oil projects covering 1.2 million acres in the U.S. for $900 million. Sinopec will pay $900 million in cash and as much as $1.6 billion in Devon’s future drilling costs in exchange for the stakes in Ohio’s Utica Shale and petroleum deposits in Louisiana, Oklahoma, Michigan, Colorado and Wyoming, Devon said today in a statement. Devon began receiving offers in November for the package that includes the Utica Shale in Ohio, the Tuscaloosa Shale in Louisiana, the Niobrara Shale in Wyoming and Colorado, and tight-oil deposits in Michigan and Oklahoma, Richels said then."
Devon Press Release: