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Article: Devon, Alta Deal Valued at $66 Million
- Article from:
- THE JOURNAL RECORD
- Article date:
- January 5, 1994
- Author:
CopyrightCopyright 1994 The Journal Record. Provided by ProQuest LLC. (Hide copyright information)
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Journal Record Staff Reporter
Oklahoma City-based Devon Energy Corp. said Tuesday a plan to
merge with Alta Energy Corp. of Denver is valued at about $66
million.
Alta shareholders would receive some $28 million in Devon
common shares and cash. Devon also would assume debt and other
obligations of about $37 million.
The companies' boards of directors voted unanimously for the
merger plan that would add some 25 million barrels of oil and 20
billion cubic feet of gas to Devon's proved reserves.
Merger plans were announced Monday, though few details were
disclosed at the time.
"The Grayburg-Jackson field, Alta's major property, is
literally in the middle of Devon's core Permian Basin ...