The Eagle Ford shale play is quickly becoming the most substantial new oil play in North America -- and conversely, the cost to lease acreage is skyrocketing. The high price tag has some analysts worried about Devon Energy's (NYSE:DVN) $6 billion deal for 82 thousand net acres in the budding shale play. The economics of the deal look beneficial, with Devon estimating the price tag will cost 2.5 times 2015's EBITDA. In addition, this real-estate deal is all about location, and the Dewitt and Lavaca counties, which the vast majority of the newly purchased acreage lays, offers high oil content and low break-even costs. 

In my opinion, EOG Resources (NYSE:EOG) is the best run independent E&P company in North America, and the best operator in the Eagle Ford. But Devon is now on its heels as the transformation from a natural-gas player to a diversified oil-and-gas producer continues to develop. In fact, if you missed the EOG stock appreciation the past few years, Devon Energy might be your redemption as it appears to be making similar strides. 

This segment is from Thursday's edition of "Digging for Value," in which sector analysts Joel South and Taylor Muckerman discuss energy and materials news with host Alison Southwick. The twice-weekly show can be viewed on Tuesdays and Thursdays. It can also be found on Twitter, along with our extended coverage of the energy and materials sectors @TMFEnergy.