Thursday, November 6, 2008

Devon & Chevron Natural Gas for Stock Swap

Oklahoma City, OK (AHN) - Devon Energy Corporation and Chevron reached an agreement to swap 14.2 million shares of Chevron common stock Devon owned for an interest in a coalbed natural gas field and $280 million in cash.

The transaction gave Devon Energy Corp. (DVN) Chevron's 44 percent interest in the Drunkard's Wash coalbed 51,000 acre natural gas field in east-central Utah.

It produces the equivalent of 40 million cubic feet of natural gas daily.

Oklahoma City-based Devon Energy Corp. is listed in the S&P 500 index and it is the largest U.S.-based independent oil and gas producer.

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