OKLAHOMA CITY, Sept. 25 /CNW/ -- 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.
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 Site: