THE USA'S Devon Energy Corp. has announced that it will buy Ocean Energy Corp. for US$3.5 billion in stock, to create the largest America-based independent oil and gas production company. Oklahoma-based Devon, which took over Anderson Exploration of Calgary in 2001 for a hefty US$4.6 billion and Northstar Energy, also of Calgary, in 1998, will assume US$1.8 billion of Houston-based Ocean's debt.

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