OKLAHOMA CITY, Sept. 25 /PRNewswire-FirstCall/ -- Devon Energy
Corporation (NYSE: DVN) announced today that it has completed the sale of
its operations in the West African nation of Cote d'Ivoire to Afren plc.
The sales price was $205 million. After adjusting for net revenues received
by Devon from June 30, 2007, through closing, the adjusted proceeds were
$164 million.
With completion of the Cote d'Ivoire transaction, Devon has divested
all of its oil and gas producing properties in Africa. The aggregate
pre-tax value of the combined African divestitures was approximately $3
billion.
Devon's African operations have been accounted for as discontinued
operations since the company decided to exit Africa in early 2007. As a
result, the Cote d'Ivoire divestiture has no effect upon Devon's oil and
gas production or proved reserves.
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.
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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