Devon Energy Completes Acquisition of Eagle Ford Assets from GeoSouthern Energy

  Devon Energy Completes Acquisition of Eagle Ford Assets from GeoSouthern
  Energy

Business Wire

OKLAHOMA CITY -- February 28, 2014

Devon Energy Corporation (NYSE:DVN) today completed its previously announced
acquisition of Eagle Ford assets from GeoSouthern Energy. Devon has acquired
82,000 net acres located in DeWitt and Lavaca counties in Texas. This
world-class light-oil position is delivering outstanding well results offering
some of the highest rate-of-return drilling opportunities in North America.

“Our Eagle Ford acquisition is one of several bold steps we have recently
taken to upgrade our portfolio and improve the growth trajectory and
profitability of our business,” said John Richels, president and chief
executive officer. “We were able to acquire these premier Eagle Ford assets at
a price well below our current EBITDA multiple, resulting in immediate
accretion to Devon shareholders on virtually every metric, including cash flow
per debt-adjusted share.”

Devon plans to invest approximately $1.1 billion in the Eagle Ford this year
and will drill more than 200 wells. For its 10 months of ownership in the play
this year, the company’s net production is expected to average between 70,000
and 80,000 barrels of oil equivalent per day. With the majority of Devon’s
Eagle Ford acreage derisked, this opportunity provides low-risk, repeatable
oil growth for years to come.

Devon Energy Corporation is an Oklahoma City-based independent energy company
engaged in oil and gas exploration and production. Devon is a leading
U.S.-based independent oil and gas producer and is included in the S&P 500
Index. For additional information, visit www.devonenergy.com.

This press release includes "forward-looking statements" as defined by the
Securities and Exchange Commission (SEC). Such statements are those concerning
strategic plans, expectations and objectives for future operations. All
statements, other than statements of historical facts, included in this press
release that address activities, events or developments that the company
expects, believes or anticipates will or may occur in the future are
forward-looking statements. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the control of
the company. Statements regarding future drilling and production are subject
to all of the risks and uncertainties normally incident to the exploration for
and development and production of oil and gas. These risks include, but are
not limited to, the volatility of oil, natural gas and NGL prices;
uncertainties inherent in estimating oil, natural gas and NGL reserves; the
extent to which we are successful in acquiring and discovering additional
reserves; unforeseen changes in the rate of production from our oil and gas
properties; uncertainties in future exploration and drilling results;
uncertainties inherent in estimating the cost of drilling and completing
wells; drilling risks; competition for leases, materials, people and capital;
midstream capacity constraints and potential interruptions in production; risk
related to our hedging activities; environmental risks; political changes;
changes in laws or regulations; our limited control over third parties who
operate our oil and gas properties; our ability to successfully complete
mergers, acquisitions and divestitures; and other risks identified in our Form
10-K and our other filings with the SEC. Investors are cautioned that any such
statements are not guarantees of future performance and that actual results or
developments may differ materially from those projected in the forward-looking
statements. The forward-looking statements in this press release are made as
of the date of this press release, even if subsequently made available by
Devon on its website or otherwise. Devon does not undertake any obligation to
update the forward-looking statements as a result of new information, future
events or otherwise.

Contact:

Devon Energy Corporation
Investor Contacts
Scott Coody, 405-552-4735
or
Shea Snyder, 405-552-4782
or
Media Contact
Chip Minty, 405-228-8647
 
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