September 25, 2008
Devon Energy Closes Sale of Assets in Cote D’Ivoire
OKLAHOMA CITY, Sept. 25 /PRNewswire-FirstCall/ -- Devon Energy Corporation 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/.
Devon Energy Corporation
CONTACT: Investors, Zack Hager, +1-405-552-4526, or Media, Chip Minty,+1-405-228-8647, both of Devon Energy Corporation
Web site: http://www.devonenergy.com/
Company News On-Call: http://www.prnewswire.com/comp/118040.html