OKLAHOMA CITY, May 19 /PRNewswire-FirstCall/ -- Devon Energy
Corporation (NYSE: DVN) announced today that it has completed the sale of
its operations in the West African nation of Gabon. As previously
announced, the buyer is Oranje-Nassau Energie B.V., a subsidiary of
Oranje-Nassau Groep B.V. The sale price is $205.5 million. Devon expects to
incur no income taxes on the transaction.
Devon is in the process of divesting all of its operations in Africa.
The company has previously announced signed purchase and sale agreements
with an aggregate value of more than $3 billion.
Sales of its operations in Cote d'Ivoire and Equatorial Guinea remain
to be completed. Devon agreed to sell its operations in Cote d'Ivoire to
Afren plc for $205 million. It has agreed to sell its operations in
Equatorial Guinea to GEPetrol, the national oil company of Equatorial
Guinea, for $2.2 billion. Devon expects to complete these remaining
transactions around mid-year 2008.
Devon Energy Corporation is an Oklahoma City-based independent energy
company engaged in oil and gas exploration and production. Devon is the
largest U.S.-based independent oil and gas producer and is included in the
S&P 500 Index. For additional information, visit
http://www.devonenergy.com.
This press release includes "forward-looking statements" as defined by
the Securities and Exchange Commission. Such statements are those
concerning the strategic plans, expectations and objectives for future
operations. All statements, other than statements of historical facts,
included in this press release that address activities, events or
developments that the company expects, believes or anticipates will or may
occur in the future are forward-looking statements. These statements are
based on certain assumptions made by the company based on its experience
and perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the
circumstances. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of the
company.
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, Chip Minty, +1-405-228-8647, both of Devon Energy
Corporation
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