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Tuesday, November 19, 2013

Devon Energy near $6 billion deal for GeoSouthern Energy -source, (NYSE: DVN)

Devon Energy is close to a deal to purchase privately held GeoSouthern Energy for around $6 billion, according to a person familiar with the matter. The deal could be announced as soon as this week, the source said. The source could not identified because the talks are private.GeoSouthern Energy, based in The Woodlands, Texas, drills for oil and gas in the Austin Chalk and Eagle Ford geologic formations in South Texas.Devon declined to comment. GeoSouthern was not immediately available for comment. The deal was originally reported in the Wall Street Journal.

Devon Energy Corporation (Devon) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). Shares of DVN traded higher by 4.67% or $2.79/share to $62.58. In the past year, the shares have traded as low as $50.81 and as high as $66.92. On average, 2962440 shares of DVN exchange hands on a given day and today's volume is recorded at 6093697.