As part of the deal, Devon has acquired around 82,000 net acres from GeoSouthern in DeWitt and Lavaca counties in Texas.
Devon Energy president and CEO John Richels said the company has acquired Eagle Ford assets to upgrade portfolio and improve the growth trajectory and profitability of business.
"We were able to acquire these premier Eagle Ford assets at a price well below our current EBITDA multiple, resulting in immediate accretion to Devon shareholders on virtually every metric, including cash flow per debt-adjusted share," Richels added.
In 2014, Devon intends to invest about $1.1bn in the Eagle Ford and to drill about 200 wells, as part of its developmental plan.
The company’s net production is expected to average between 70,000 and 80,000 barrels of oil equivalent per day, for its 10 months of ownership in the play this year.
