That is correct from what I have read. The company gets cash from XTEX as compensation for Devon's mid-stream operations. XTEX shareholders have to vote on it and the govenment has to approve it as well. Devon shareholders do not have to vote on it.
I think as long as Mr. Edgar controls the company through his ownership in the common and pfd stock there will never be any buyout. It seems like there is something going on since the stock price and volume has taken off in the last couple of months.