OKLAHOMA CITY, June 3 /PRNewswire-FirstCall/ -- Devon Energy
Corporation (NYSE: DVN) announced today that it has completed the
previously announced sale of its oil and gas business in the African nation
of Equatorial Guinea. The sale price was $2.2 billion before taxes, $1.7
billion after taxes. The buyer is GEPetrol, the national oil company of
Equatorial Guinea. The effective date of the sale was January 1, 2008.
"Equatorial Guinea was the most significant asset in our $3 billion
African divestiture program," commented John Richels, Devon's President.
"We are very pleased with the results of the program and expect to complete
the remaining approximately $250 million in transactions in the third
quarter."
The divested properties in Equatorial Guinea include estimated proved
reserves of 55 million barrels of oil. Devon's share of production from the
properties was about 20,000 barrels of oil per day.
Estimated proved reserves and production attributable to Devon's
African divestiture properties are accounted for as discontinued
operations. In accordance with accounting for discontinued operations,
proved reserves in Africa were not included in Devon's companywide proved
reserves at December 31, 2007. Likewise, oil and gas production from Africa
is not included in Devon's companywide production volumes.
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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