Tuesday, January 3, 2012

Devon Signs Shale Partner

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."
Source: Bloomberg

Entire Article:
http://www.bloomberg.com/news/2012-01-03/sinopec-agrees-to-pay-900-million-for-stakes-in-five-devon-shale-projects.html

Devon Press Release:
http://www.dvn.com/Newsroom/Pages/NewsRelease.aspx?id=1644020#terms?disclaimer=yes

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