Devon Energy Announces Early Redemption of 7.25% Senior Notes Due 2011

OKLAHOMA CITY, May 25 /PRNewswire-FirstCall/ -- Devon Energy Corporation (NYSE: DVN) today announced that it will redeem approximately $350 million in aggregate principal amount of its 7.25% Senior Notes due 2011, representing all of the notes outstanding.

The notes will be redeemed at a redemption price of 100 percent of the principal amount, plus accrued and unpaid interest, as well as a make-whole premium. The accrued interest will be paid for the period from April 1, 2010 up to, but excluding, the redemption date of June 25, 2010. The make-whole premium will be calculated three days prior to redemption in accordance with the terms of the indenture agreement.

The terms of the redemption are described in the notice of redemption sent to registered holders on or about May 25, 2010. Notes are to be surrendered to The Bank of New York Mellon Trust Company, N.A. as trustee and paying agent, in exchange for the payment of the redemption price.

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

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