Devon Energy Announces Completion of Maersk Oil's Purchase of Jack Lower Tertiary Project

OKLAHOMA CITY, Feb. 10 /PRNewswire-FirstCall/ -- Devon Energy Corporation (NYSE: DVN) today announced that Maersk Oil has purchased Devon's 25-percent working interest in the Jack Lower Tertiary development project in the Gulf of Mexico. In December 2009, Devon announced an agreement with Maersk Oil to purchase Devon's interests in three Lower Tertiary projects. Subsequently, other working interest owners in the St. Malo and Cascade projects exercised preferential rights to purchase Devon's interests.

Devon confirmed that the aggregate purchase price of its interests in the Jack, St. Malo and Cascade Lower Tertiary projects remains $1.3 billion. The company estimates its after-tax proceeds from the combined transactions at approximately $1.1 billion. The effective date of the sales is January 1, 2010.

Closings of the St. Malo and Cascade transactions are expected to occur by the end of March 2010. The transactions are subject to customary closing conditions and regulatory approvals.

Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is a leading U.S.-based independent oil and gas producer and is included in the S&P 500 Index. For additional information, visit www.devonenergy.com.

This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. Such statements are those concerning 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. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to the volatility of oil, natural gas and NGL prices; uncertainties inherent in estimating oil, natural gas and NGL reserves; drilling risks; environmental risks; and political or regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date of this press release, even if subsequently made available by Devon on its website or otherwise. Devon does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.

SOURCE Devon Energy Corporation

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED