BRIEF-Devon to buy GeoSouthern Energy assets for $6 bln

Wed Nov 20, 2013 9:16am EST

Nov 20 (Reuters) - Devon Energy Corp : * Press release - Devon Energy announces acquisition of Eagle Ford assets from

geosouthern energy * Says deal valued at $6 billion * Says deal includes current production of 53,000 barrels of oil equivalent per

day * Says deal immediately accretive to cash flow per debt-adjusted share * Says deal includes 82,000 net acres with at least 1,200 undrilled locations * Says acquisition will be funded with a combination of cash on hand and

borrowings * Says expects to repay the borrowings with free cash flow and proceeds from

the monetization of non-core assets * Development drilling program is immediately self-funding, expected to

generate annual free cash flow of about $800 million beginning 2015 * Says Blackstone Group LP geosouthern's corporate partner, will exit

stake in it through deal * Says deal expected to close in the first quarter of 2014 * Source text for Eikon * Further company coverage