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Devon Sells Barnett Shale Assets to Kalnin for $830 Million

Announced Date
December 18,2019
Deal Value $
Net Acres
Transaction Type
Source Documents:
   Source Link
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Mid-Continent - North Texas

United States



Production & Reserves
597 Mmcfe/d

Production Mix
80 % Gas

4 Tcfe (1P)

Production ($/Mcfe/d)

$Price/Net Acre

Adj. $/acre is based on production @2,000 Mcfe/d

Transaction Details: 

Devon Energy Corp. has agreed to sell its assets in the Barnett Shale to BKV Operating LLC an affiliate of Kalnin Ventures LLC for $830 million (amended on April 14, 2020 from $770MM originally). This marks the exit from the Barnett Shale for Devon Energy.

This deal was closed on October 1, 2020.

The funds will be comprised of $570 million in cash at closing and contingent payments of up to $260 million. Devon will receive an increased deposit of $170 million from BKV, and the scheduled closing date for the transaction is extended from April 15, 2020 to Dec. 31, 2020.

BKV is financially backed by its sole investor, Banpu Pcl, a Thailand-based coal mining and power-generation company with total assets of approximately $8 billion.

The transaction with Devon includes over 320,000 gross acres and 4,200 producing wells, making BKV the largest natural gas producer in the Barnett Shale. This acquisition marks the BKV’s seventh major transaction and first position in the Barnett Shale play.

BKV has invested or committed over $1.3 billion since its formation 2015.


Asset Details:

Acreage: 320,000 gross acres

Production: 597 Mmcfe/d net (as of Q3 2019) (80% gas*)

Proved Reserves: 4 Tcfe

Source : Kalnin Ventures LLC

Dave Hager, president and CEO, said: "Devon's transformation to a U.S. oil growth business is now complete. The timely and tax-efficient exit from Canada and the Barnett this year has generated $3.6 billion of proceeds at accretive multiples to Devon's current valuation. Furthermore, these transactions accelerate efforts to focus exclusively on our resource-rich U.S. oil portfolio, where we have the ability to substantially increase returns, margins and profitability.

"The Barnett Shale has been a cornerstone asset for Devon over the past two decades. With this change in ownership, it is great to see our talented and innovative employees supporting this high-quality gas asset transition to a world-class company like Banpu."

Jefferies and Citi acted as financial advisors to Devon on the Barnett Shale transaction. Vinson & Elkins LLP acted as legal advisor to Devon. Willkie Farr & Gallagher LLP acted as legal advisor to BKV.

Other Mid-Continent - North Texas Region's Deals

Announced DateBuyerSellerDeal Value($mm)LocationCategory
Jul-28-2022 - - Click here Texas  E&P
May-19-2022 - - Click here Texas  E&P
Sep-13-2019 - - Click here Louisiana  E&P
Feb-25-2019 - - Click here Texas  E&P
Aug-02-2018 - - Click here Texas  E&P

Price History

Date Deal Headline Price$/acre
May-19-2022 Exxon to Sell Barnett Shale Portfolio to BKV for $750 Million - -
Sep-26-2016 Rice Acquires Rival Vantage Energy for $2.7 Billion; Marcellus, Utica, Barnett Assets - -
Sep-09-2016 Total USA Acquires Remaining Barnett Shale Asset From Chesapeake - -

Other Devon Energy Corp Deals

Announced DateBuyerSellerDeal Value($mm)LocationCategory
Aug-09-2022 - - Click here Texas  E&P
Jun-08-2022 - - Click here North Dakota  E&P
Dec-29-2020 - - Click here Wyoming  E&P
Sep-28-2020 - - Click here New Mexico  E&P
Dec-10-2019 - - Click here Oklahoma  E&P

Other Kalnin Ventures LLC Deals

Announced DateBuyerSellerDeal Value($mm)LocationCategory
May-19-2022 - - Click here Texas  E&P
Dec-12-2017 - - Click here Pennsylvania  E&P
Oct-09-2017 - - Click here Pennsylvania  E&P
Oct-06-2017 - - Click here Pennsylvania  E&P
Mar-28-2016 - - Click here Pennsylvania  E&P