Devon Energy Corp., Oklahoma City, (NYSE: DVN) plans to acquire the Barnett Shale E&P properties in north Texas of privately owned Chief Holdings LLC for $2.2 billion in cash, including assumed liabilities, on June 29. The properties have estimated proved reserves of 617 billion cubic feet of gas equivalent and leasehold totaling 169,000 net acres and produce approximately 55 million cubic feet of gas equivalent per day. An additional 31 wells are awaiting completion and pipeline connection which will add 30 million cubic feet of gas equivalent per day. Devon plans to drill approximately 800 wells on the acreage during the next five years and ultimately in excess of 2 trillion cubic feet of gas equivalent. Devon's successful bid was made jointly with midstream company Crosstex Energy Services, which is acquiring Chief's midstream assets for $480 million. Petrie Parkman & Co. advised Chief on the deal.
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