Devon Energy Closes Sale of Assets in Cote d'IvoireDownload
OKLAHOMA CITY, Sept. 25 /PRNewswire-FirstCall/ -- Devon Energy Corporation (NYSE: DVN) 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.
SOURCE Devon Energy Corporation