Topic: Growth Stocks

Stock Pickers Digest Hotline – Friday, January 6, 2012

Article Excerpt

PLEASE NOTE: Next week, The Successful Investor, our newsletter that focuses on high-quality Canadian stocks, will reveal its #1 pick for 2012. Don’t miss this unique opportunity to profit. DEVON ENERGY CORP., $64.76, symbol DVN on New York, has agreed to sell a one-third interest in five shale oil and gas fields to giant Chinese state-owned petroleum and chemical company Sinopec (symbol SNP on New York). Shale oil and shale gas are trapped in rock formations. To extract them, companies must pump water and chemicals into the rock. This fractures the rock and releases the oil or gas. Sinopec will immediately pay Devon $900 million in cash. In addition, Sinopec will pay up to 70% of Devon’s share of the development costs, up to $1.6 billion. Devon will continue to operate the fields, which are located in the Utica Shale of Ohio, as well as Mississippi, Louisiana, Michigan and Colorado. Devon plans to drill 125 wells at the five fields in 2012. Sinopec continues…