Devon Energy Announces Redemption of Preferred Stock

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OKLAHOMA CITY, May 21 /PRNewswire-FirstCall/ -- Devon Energy Corporation (NYSE: DVN) today announced that it will call for redemption all 1.5 million outstanding shares of its 6.49 percent Series A Cumulative Preferred Stock. The redemption date for all such shares is June 20, 2008.

Each share of Preferred Stock will be redeemed for cash at a redemption price of $100 per share, plus accrued and unpaid dividends up to the redemption date. The redemption of shares and payment will be made in accordance with the terms specified in the redemption notice. Bank of New York Mellon will be acting as paying agent for the redemption.

Redemption of the preferred shares will eliminate approximately $10 million of annual cash dividends.

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
    -0-                             05/21/2008
    /CONTACT:  Investors, Zack Hager, +1-405-552-4526, or Media, Chip Minty,
+1-405-228-8647, both of Devon Energy Corporation/
    /Company News On-Call:  http://www.prnewswire.com/comp/118040.html /
    /Web site:  http://www.devonenergy.com /
    (DVN)

CO:  Devon Energy Corporation
ST:  Oklahoma
IN:  OIL
SU:

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9990 05/21/2008 11:00 EDT http://www.prnewswire.com