July 18, 2008

Oklahoma-Based Devon Energy, Samson Investment Give $1M Each to OSU

By Jerry Shottenkirk

Devon Energy and Tulsa-based Samson Investment Company will donate $1 million each to colleges at Oklahoma State University, OSU officials said Thursday.

Devon's gift will create a chair for basin research in the Boone Pickens School of Geology. Samson's donation will create a chair in Petroleum Engineering in OSU's College of Engineering, Architecture and Technology.

Both gifts will be matched dollar by the Oklahoma State Regents for Higher Education and energy investor Pickens' $100 million chair match commitment. Once all the matches are tallied, it will be a $4 million endowment.

Devon's chair will key on formation and evolution of sedimentary basins and will support and produce research in petroleum, minerals and environmental industries.

"OSU is a great university with an accomplished record of achievement in research and teaching," said Devon President John Richels. "We value our partnership with Oklahoma State and we share in the university's commitment to creating one of the best geology programs in the nation."

In 2004, Devon gave more than $2.3 million to establish the Devon Energy Geology Laboratory. Devon also has made contributions for scholarships in Computer Science, Geology and Management Information Systems and fellowships in Geology.

"The support that we have received from Devon has helped to build one of the best petroleum geology programs in the nation," said Jay Gregg, head of the Boone Pickens School of Geology.

Stacy Schusterman, chairman and chief executive officer of Samson, said he's impressed with the growth at OSU.

"In the 1980s OSU offered a petroleum engineering minor, but this program was discontinued in the late 1980s due to the downturn in the oil and gas industry," Schusterman said. "We are excited to have the opportunity to be a part of its revitalization both at the Stillwater and Tulsa campuses of OSU."

"The response from our alumni and friends has exceeded our wildest expectations," said OSU President Burns Hargis. "Inspired by Boone Pickens' astounding generosity, donors answered the call to make a lasting difference and open a new and exciting chapter at OSU."

Originally published by Jerry Shottenkirk.

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