OKLAHOMA CITY, April 18 /CNW/ -- Devon Energy Corporation (NYSE: DVN)
today announced that it has agreed to sell its oil and gas business in Egypt
to Dana Petroleum plc. The purchase price is $375 million, including the
purchase of $67 million of net working capital as of December 31, 2006.
After-tax proceeds are expected to be approximately $300 million.
Devon's Egyptian assets include interests in eight concessions, four of
which are currently producing. The sale is subject to governmental approvals,
rights of first refusal and other customary conditions to closing. Devon
expects the sale to close in the third quarter of 2007.
"Sale of our Egyptian assets is the first step of our strategic plan to
divest all of Devon's interests in Africa," said John Richels, Devon's
president. "Divesting the African assets will allow us to reallocate resources
to growth opportunities in North America and to focus our international
exploration efforts on Brazil and China. We will open data rooms for the West
African assets in Houston and London next week. We expect to receive bids on
those properties by early July."
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 .
For further information:
For further information: investors, Zack Hager, +1-405-552-4526, or
media, Brian Engel, +1-405-228-7750, both of Devon Energy Corporation Web