Devon, which has headquarters in Oklahoma City, said it purchased the acreage from rival Cimarex Energy for $249 million in cash.
Devon Chief Operating Officer Dave Hager said the acreage in the Cana-Woodford shale is producing an average 5,800 barrels of oil equivalent per day and is consistent with the company's vision for expansion.
"These assets directly overlap our existing core Cana position and expand our exposure to other western Oklahoma oil and gas plays," he said in a statement Tuesday.
The U.S. Energy Information Administration categorizes the Cana-Woodford shale as an "emerging" basin in Oklahoma, the fifth largest oil producer in the nation.
Devon's announcement followed a report from the U.S. and Oklahoma Geological Surveys that found some of the byproducts associated with the oil and gas industry may be the cause of a high rate of earthquakes in the state.
Devon said the deal with Cimarex should close by the end of the second quarter.