Cimarex Energy To Buy Oil And Gas Assets For $497.4 Mln

(RTTNews) - Cimarex Energy Co. (XEC) has agreed to acquire oil and gas assets primarily in the Cana-Woodford shale play in Western Oklahoma for $497.4 million in cash. Simultaneously, Cimarex also agreed to to sell at closing a 50 percent interest in these assets for $248.7 million to Devon Energy (DVN).

The deal is expected to close on or before June 30, 2014.

Cimarex Chairman and CEO, Tom Jorden, said, "This acquisition is a perfect bolt-on for Cimarex as it consolidates working interest ownership in the Cana core infill development project area while adding exposure to other western Oklahoma oil and gas plays."