Boston, MA 03/31/2014 (wallstreetpr) – It hasn’t been much time since Devon Energy Corp (NYSE:DVN) has been trying to make it big or hit it off as they. Seems like finally they might be coming around.
Acquisition of Eagle Ford Assets
Devon is reported to have succeeded in acquiring the Eagle Ford Assets, as had been declared by them, not much before from the GeoSouthern Energy. It is reported to have gained access to somewhere around 82k acres of land in two counties is Texas, namely, Lavaca and DeWitt. John Richels, the Chief Executive Officer and also President of the Company is surely elated with the deal and expressed his exuberance over the matter by stating that his company is definitely moving towards growth and development.
Sources mention that the Company is all set to take the high road and is absolutely prepared to invest $1.1 billion in the Eagle Ford Assets in 2014. Devon Energy Corp (NYSE:DVN) boasts of a spectacular success, which it is about to achieve in the form of the production of about 70 to 80k barrels of oil per day. This surely seems to be a long-term and low risk deal, just what the Company needed.
The New CFO
Reports reveal that Thomas L. Mitchell would be becoming the Chief Financial Officer and executive vice president of Devon Energy Corp (NYSE:DVN). That’s definitely a double-sided gain because Mitchell is reported to have 30 years of experience in the oil industry. John Richels again expressed his exhilaration over such a turn of events, that is, the appointment of Mitchell as the Company’s CFO and was quite content with the fact the Company’s future lays safe in the hands of a man who’s seen it all through his vast experience and expertise in the oil industry.
It was revealed that the Devon’s current CFO namely, Jeff Agosta was leaving with the motive of pursuing certain personal interests.
