Top Story | Deals - Acquisition, Mergers, Divestitures
Devon Wraps Up $865MM Williston Basin Bolt-On Acquisition
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Devon Energy Corp. has completed its previously announced acquisition of the leasehold interest and related assets of RimRock Oil and Gas, LP in the Williston Basin for a total cash consideration of $865 million, less purchase price adjustments.
This acquisition adds a contiguous position of 38,000 net acres (88% working interest) directly offsetting and overlapping Devon's existing position. Production from the acquired assets is expected to increase to an average of 20,000 Boe per day over the next year. The tra
nsaction also adds more than 100 highly economic undrilled inventory locations, positioning the company's Williston Basin assets to maintain high-margin production and strong cash flow for several years.
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