OKLAHOMA CITY, March 6 /CNW/ -- Devon Energy Corporation (NYSE: DVN)
announced today that it has agreed to sell its oil and gas business in the
African nation of Cote d'Ivoire to Afren plc for $205 million.
The divestiture assets in Cote d'Ivoire include Devon's interests in
offshore producing Block CI-11, offshore undeveloped Block CI-01 and the
onshore Lion gas processing plant. Devon's current net production from Cote
d'Ivoire is approximately 3,000 oil-equivalent barrels per day.
Completion of the transaction is subject to approval by the government of
Cote d'Ivoire. Closing is anticipated in the second quarter of 2008.
"This agreement with Afren brings us a step closer to completing our
planned divestitures in Africa," said John Richels, Devon's President. "We
have now announced transactions totaling more than $785 million. Negotiations
are under way for the remaining properties, and we remain optimistic that we
can complete all the sales mid year."
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.
For further information:
For further information: investors, Zack Hager, +1-405-552-4526, or
media, Chip Minty, +1-405-228-8647, both of Devon Energy Corporation Web