Aug 8, 2017
Holy Cow! $205M land buy in Eagle Ford
LAVACA COUNTY – Houston's Penn Virginia will buy land in the Eagle Ford Shale formation for $205 million from Devon Energy Corp., in a deal expected to close in late...
LAVACA COUNTY – Houston’s Penn Virginia will buy land in the Eagle Ford Shale formation for $205 million from Devon Energy Corp., in a deal expected to close in late September 2017.
The purchase of assets in Lavaca County included 19,600 net acres adjacent to its operations in the region, which means it can drill longer horizontal sections and cut its breakeven costs in some areas to $30 a barrel.
Those properties will boost Penn’s output by almost a third.
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