Devon Energy Agrees to Sell Assets in Cote d'Ivoire for $205 MillionDownload
OKLAHOMA CITY, March 6, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- 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.
SOURCE Devon Energy Corporation