Devon Energy Provides Forward-Looking Estimates of Production, Reserve Additions and Capital Expenditures

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Devon Energy Provides Forward-Looking Estimates of Production, Reserve Additions and Capital Expenditures
    OKLAHOMA CITY, Dec. 3 /PRNewswire-FirstCall/ -- Devon Energy
Corporation (NYSE: DVN) today provided summary estimates of 2007 and 2008
capital expenditures and reserve additions. The company also reconfirmed
its oil and gas production guidance for the years 2007, 2008 and 2009.
Devon will report its actual results for 2007 and provide detailed
forecasts for 2008 in early February 2008.

    Production Guidance

    As previously announced, Devon continues to expect to produce
approximately 57 million oil-equivalent barrels (Boe) from continuing
operations in the fourth quarter of 2007. This would represent an eight
percent increase compared with Devon's fourth-quarter 2006 production from
continuing operations of 52.8 million Boe. Continuing operations excludes
production from the company's operations in Africa that it is divesting.

    For the full year of 2007, Devon expects to produce approximately 223
million Boe. This represents annual production growth from continuing
operations of approximately 11.5 percent. The growth is a result of strong
performance from Devon's U.S. onshore properties, a full year of production
from the ACG field in Azerbaijan and second-half start-ups of production
from the company's Merganser field in the deepwater Gulf of Mexico and the
Polvo field offshore Brazil.

    Production from continuing operations in 2008 is expected to total 240
million to 247 million Boe. The production growth in 2008 is expected to
include additional contributions from onshore properties in both Canada and
the U.S., a full year of production from Merganser and continued ramp-up of
production from Polvo. Devon expects further production growth in 2009, to
an estimated 259 to 274 million Boe.

    Strong Drill-Bit Reserve Growth Expected in 2007 and 2008

    Drill-bit capital for 2007 is estimated at $5.7 to $5.8 billion. Devon
estimates that for 2007 its additions to proved reserves will be 350
million to 360 million Boe.

    The company expects to post strong reserve growth again in 2008. Devon
forecasts proved reserve additions of 390 million to 410 million Boe in the
coming year. Drill-bit capital for 2008 is forecast at $6.1 billion to $6.4
billion.



    Summary Forecasts

                   $ Billions    Millions of Oil Equivalent Barrels (MMBoe)
                   ----------    ------------------------------------------
                     Drill-Bit       Reserve               Retained
     Year        (1) Capital     (2) Additions         (3) Production
    ------       -------------   -------------         -------------
     2007          5.7 - 5.8       350 - 360                223
     2008          6.1 - 6.4       390 - 410             240 - 247
     2009                                                259 - 274


    Notes to the table above:
    (1)  Drill-bit Capital includes exploration and development expenditures,
         plugging and abandonment charges and capitalized interest and general
         and administrative costs. Marketing and midstream and corporate
         capital are excluded.
    (2)  Reserve Additions include performance revisions but exclude revisions
         due to changes in oil, natural gas and natural gas liquids prices.
    (3)  Retained Production excludes production from African properties
         selected for divestiture.

    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.
Statements regarding future production, reserve additions and capital
expenditures are subject to all of the risks and uncertainties normally
incident to the exploration for and development and production of oil and
gas. These risks include, but are not limited to, inflation or lack of
availability of goods and services, environmental risks, drilling risks and
regulatory changes. 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
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 for Devon Energy
Corporation