Sumitomo to Acquire 30% Interest in 650,000 Net Acres in Permian Basin, Texas New Report
Sumitomo Corporation (Sumitomo), agreed to acquire a 30% interest in 650,000 net acres of land, located in the Cline Shale and the Wolfcamp Shale of the Permian basin, Texas, from Devon Energy Corporation (Devon) for a purchase consideration of $1.37 billion. The transaction will have an effective date of January 1, 2012. Vinson & Elkins LLP is acting as legal advisor to Devon Energy in the transaction. The transaction is expected to be completed in third quarter of 2012.