Devon Buying Natural-Gas Firm Anderson

Devon Energy Corp. said Tuesday that it will pay about $3.4 billion in cash for Canadian natural-gas producer Anderson Exploration Ltd., creating the largest independent producer of natural gas in North America.

The deal enables Oklahoma City-based Devon to stake out a long-term position in the plentiful gas fields of Canada, a growing source of the United States’ supply.

The purchase would increase Devon’s estimated proven reserves by 35% and bring its North American natural-gas production to about 2.2 billion cubic feet a day, from 1.6 billion cubic feet a day.

The purchase of Anderson comes three weeks after Devon agreed to buy Mitchell Energy & Development Corp. of The Woodlands, Texas, for $3.1 billion in cash and stock.

Devon’s shares fell $2.41 to close at $43.86 on the American Stock Exchange. Anderson’s shares rose $8.34 to close at $25.41 on the New York Stock Exchange.