OKLAHOMA CITY, April 18 /PRNewswire-FirstCall/ -- Devon Energy
Corporation (NYSE: DVN) today announced that it has agreed to sell its oil
and gas business in Egypt to Dana Petroleum plc. The purchase price is $375
million, including the purchase of $67 million of net working capital as of
December 31, 2006. After-tax proceeds are expected to be approximately $300
million.
Devon's Egyptian assets include interests in eight concessions, four of
which are currently producing. The sale is subject to governmental
approvals, rights of first refusal and other customary conditions to
closing. Devon expects the sale to close in the third quarter of 2007.
"Sale of our Egyptian assets is the first step of our strategic plan to
divest all of Devon's interests in Africa," said John Richels, Devon's
president. "Divesting the African assets will allow us to reallocate
resources to growth opportunities in North America and to focus our
international exploration efforts on Brazil and China. We will open data
rooms for the West African assets in Houston and London next week. We
expect to receive bids on those properties by early July."
Devon Energy Corporation is an Oklahoma City-based independent energy
company engaged in oil and gas exploration and production. Devon is one of
the world's leading independent oil and gas producers and is included in
the S&P 500 Index. For additional information, visit
http://www.devonenergy.com .
SOURCE Devon Energy Corporation
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Related links:
http://www.devonenergy.com
http://www.prnewswire.com/comp/118040.html /
CONTACT:
investors, Zack Hager, +1-405-552-4526, or
media, Brian Engel, +1-405-228-7750, both of Devon Energy
Corporation
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