Sumitomo to Acquire 30% Interest in 650,000 Net Acres in Permian Basin, Texas New Report


Naperville, IL -- (SBWIRE) -- 10/26/2012 -- 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.


- Rationale behind Sumitomo's Plan of acquiring acereage in Permian Basin in US
- Rationale behind Devon's plan of divesting its stake in the acereage
- Geography Covered- US

Reasons to buy

- Develop a sound understanding of Sumitomo's acquisition strategy
- Sumitomo's scope of importing oil and gas to Japan from US
- Rationale behind Devon's plan of divesting stake in favor of Sumitomo
- Rationale behind companies investing in the Permian basin

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