Devon Energy Corp., Oklahoma City, (NYSE: DVN) has closed the acquisition of the Barnett Shale E&P properties in North Texas of privately held Chief Holdings LLC for $2.2 billion in cash, including assumed liabilities. 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. The combined companies will have production of 645 billion cubic feet of gas equivalent per day from 2,500 wells. 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 produce in excess of 2 trillion cubic feet of gas equivalent. Chief's assets include an estimated 103 million barrels of oil equivalent in the Barnett Shale.
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