As part of the deal, Devon will acquire current production of 53,000 barrels of oil equivalent (BOE) per day and 82,000 net acres with around 1,200 undrilled locations.
The risked recoverable resource is expected to hold about 400 million barrels of oil equivalent, of which majority are proved reserves.
The acquired Eagle Ford acreage is situated in DeWitt and Lavaca counties in Texas and average estimated recoveries in DeWitt County exceeding 800,000 BOE per well.
Devon energy president and CEO John Richels said the company has secured a premier acreage position in the very best part of the world-class Eagle Ford oil play.
"This acquisition enhances our already strong North American portfolio by adding another low-risk, light oil asset that provides outstanding well economics and self-funded growth," added Richels.
The legal advisor to Devon for this transaction is Skadden, Arps, Slate, Meagher & Flom. Morgan Stanley and Goldman, Sachs & Co. served as financial advisors to Devon, while the legal advisor to GeoSouthern is Simpson Thacher & Bartlett LLP and Jefferies & Company served as financial advisor to GeoSouthern.
