Newspaper article THE JOURNAL RECORD

BP Buys San Juan Basin Assets from Devon

Newspaper article THE JOURNAL RECORD

BP Buys San Juan Basin Assets from Devon

Article excerpt

OKLAHOMA CITY - BP's U.S. Lower 48 Onshore oil and natural gas business has expanded its operations in the San Juan Basin by buying all of Oklahoma City-based Devon Energy's assets in the region.

The San Juan Basin spans northern New Mexico and southern Colorado.

BP said it was the first major acquisition by its Lower 48 Onshore business in more than seven years.

The bulk of the acquired assets includes Devon's operated interest in the Northeast Blanco Unit, a section of federal lands located in San Juan and Rio Arriba counties of New Mexico, where BP has had a presence since the 1920s. BP anticipates taking over operations of the unit's 480 wells in 2016. The wells are spread across 33,000 gross acres.

"This acquisition clearly demonstrates the importance of New Mexico and the San Juan Basin to our future," said David Lawler, chief executive of BP's U. …

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