OKLAHOMA CITY, Nov. 13 /PRNewswire-FirstCall/ -- Devon Energy
Corporation (NYSE: DVN) today announced that it has agreed to sell its oil
and gas business located offshore Gabon to Oranje-Nassau Energie B.V., a
subsidiary of Oranje-Nassau Groep B.V. The purchase price is $205.5
million. Devon expects to incur no taxes on the transaction.
The divestiture assets in Gabon include an interest in the Kowe block,
currently producing approximately 3,750 barrels of oil per day, net to
Devon's interest. Also included are Devon's interest in the Agali
exploration block and an option to earn an interest in the Gryphon Marin
exploration block.
Completion of the transaction is subject to approval by the Gabonese
government. Closing is anticipated by year-end 2007.
"The properties in Gabon are a part of the West African divestiture
package we announced early this year," said John Richels, Devon's
president. "We received bids for various combinations of the assets, and
are very pleased to have reached an agreement on Gabon with Oranje-Nassau.
Negotiations are also under way with potential buyers of the other
properties in the West African divestiture package. We now expect to
complete the balance of the transactions during the first half of 2008."
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.
This press release includes "forward-looking statements" as defined by
the Securities and Exchange Commission. Such statements are those
concerning forecasts, estimates, expectations and objectives for future
operations. Such statements are subject to a number of assumptions, risks
and uncertainties, many of which are beyond the control of the company.
Investors are cautioned that any such statements are not guarantees of
future performance and that actual results or developments may differ
materially from those projected in the forward-looking statements.
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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