OKLAHOMA CITY, May 21 /PRNewswire-FirstCall/ -- Devon Energy
Corporation (NYSE: DVN) today announced that it will call for redemption
all 1.5 million outstanding shares of its 6.49 percent Series A Cumulative
Preferred Stock. The redemption date for all such shares is June 20, 2008.
Each share of Preferred Stock will be redeemed for cash at a redemption
price of $100 per share, plus accrued and unpaid dividends up to the
redemption date. The redemption of shares and payment will be made in
accordance with the terms specified in the redemption notice. Bank of New
York Mellon will be acting as paying agent for the redemption.
Redemption of the preferred shares will eliminate approximately $10
million of annual cash dividends.
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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