Devon Energy Closes Sale of Assets in Gabon

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OKLAHOMA CITY, May 19 /PRNewswire-FirstCall/ -- Devon Energy Corporation (NYSE: DVN) announced today that it has completed the sale of its operations in the West African nation of Gabon. As previously announced, the buyer is Oranje-Nassau Energie B.V., a subsidiary of Oranje-Nassau Groep B.V. The sale price is $205.5 million. Devon expects to incur no income taxes on the transaction.

Devon is in the process of divesting all of its operations in Africa. The company has previously announced signed purchase and sale agreements with an aggregate value of more than $3 billion.

Sales of its operations in Cote d'Ivoire and Equatorial Guinea remain to be completed. Devon agreed to sell its operations in Cote d'Ivoire to Afren plc for $205 million. It has agreed to sell its operations in Equatorial Guinea to GEPetrol, the national oil company of Equatorial Guinea, for $2.2 billion. Devon expects to complete these remaining transactions around mid-year 2008.

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

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
(DVN)