September 29, 2008

Devon Energy Sells Assets in Cote D’Ivoire to Afren

Devon Energy has sold its operations in the west African nation of Cote d'Ivoire to independent oil and gas exploration and production company Afren for $205 million.

After adjusting for net revenues received by Devon from June 30, 2007, through closing, the adjusted proceeds were $164 million.

With the 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.