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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Banpu Kalnin Ventures Completes $570 Million Barnett Shale Cash Acquisition

October 2, 2020 GMT

DENVER, Oct. 02, 2020 (GLOBE NEWSWIRE) -- Banpu Kalnin Ventures Corporation (“BKV”) confirmed today that its affiliate, BKV Barnett LLC (the “BKV Barnett”), has closed the deal to acquire Devon Energy Corporation’s (NYSE: DVN) (“Devon”) assets in the Barnett Shale on October 1, 2020. The cash deal provides $570 million for the Barnett assets and up to $260 million in contingent payments over the next four years, based on oil and gas prices.

Net production from the Barnett Shale properties averaged nearly 600 million cubic feet equivalent per day net in the third quarter of 2019. Upon completion of this transaction, BKV’s combined Marcellus and Barnett portfolio will have over 345,000 net acres, operate more than 4,000 producing wells and have proved reserves in excess of 3.7 Tcfe.

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This acquisition represents BKV’s first foray into the Barnett Shale and BKV’s largest deal to date. The company has previously focused on the Marcellus region.

In five short years, BKV’s natural gas-focused strategy has taken the company from startup to one of the top 20 natural gas companies in the U.S., producing at a rate of 700 million cubic feet of natural gas per day net.

“We are excited to complete this acquisition in the Barnett Shale, and we believe natural gas is the bridge fuel of the future,” said Christopher Kalnin, CEO of BKV Corp. “We look forward to continuing the wonderful work Devon has established in the Barnett and expanding our investments to deliver high-quality gas asset production for many years to come.”

About Banpu Kalnin Ventures
BKV is a values‐driven company that believes the combination of visionary strategy, focus on execution, and balance in day‐to‐day life are the keys to creating long‐term, sustainable value.

More information is available at  www.bkvcorp.com or www.kalninventures.com.

About Banpu
Banpu Public Company Limited is listed on the Stock Exchange of Thailand and is one of the energy leaders in the Asia-Pacific region with widespread experience in a variety of domestic and international energy industries. Banpu is focused on developing and investing in power generation, coal and alternative energy, with investments located in Thailand, Indonesia, China, Australia, Lau PDR, Mongolia, Singapore, Japan and the United States. More information is available at www.banpu.com.

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Advisors
Jefferies LLC acted as financial advisor to Devon on the Barnett Shale transaction. Vinson & Elkins, LLP acted as legal advisor to Devon.

Guggenheim Securities acted as financial advisor to BKV. Willkie Farr & Gallagher, LLP acted as legal advisor to BKV.

Press Contact:
BKV Corporation
April Lynch, Pennebaker
april@pennebaker.com
Phone: 1+ 713‐922‐1895