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Devon Wraps Up Major Canadian Sale

Canadian Natural Resources (CNRL) Devon Energy Corp
AnnouncedFeb 19, 2014
TypeProperty
LocationHorn River,Peace River Arch
Announced Date
February 19,2014
Effective Date
January 01,2014
Close Date
April 02,2014
Transaction Type
Property
Enterprise Value (EV)($MM)
2800




Snapshot
Net Acres
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% Oil:
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Proved Reserves
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Location
Region
Canada

Country
Canada

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Horn River,Peace River Arch


Production & Reserves
Reserves
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Transaction Details:  Subscribe to see

Closing Announcement - April 2, 2014

Devon Energy Corporation has completed the sale of its Canadian conventional assets to Canadian Natural Resources Limited for C$3.125 billion. The company’s retained Canadian business will consist of its thermal heavy oil, Lloydminster and Horn River assets.

The company plans to repatriate the proceeds to the U.S. for use in the repayment of debt incurred to finance its Eagle Ford acquisition. The company expects net proceeds of US$2.7 billion after adjusting for currency exchange and taxes associated with the sale and repatriation of the funds to the U.S.


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