Article: Devon, Alta Deal Valued at $66 Million

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 ...

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