Devon Energy Completes $1.2 Billion Asset Sale

Devon Energy Corporation has completed sales of oil and gas properties for aggregate proceeds of $1.243 billion, before taxes. These divestitures include sales previously announced on April 9, 2002 and April 15, 2002.

Devon has sold oil and gas properties in the United States, Canada and Indonesia. Recently closed domestic transactions include sales of properties in the Permian Basin, Mid-Continent and Gulf Coast areas and all of Devon's oil and gas assets in the Raton Basin.

"Devon has now exceeded our initial target of raising $1 billion in after-tax proceeds through the sale of non-core properties," said Brian Jennings, senior vice president of corporate development. "The level of interest by prospective buyers continues to be encouraging, and we expect to raise an additional $200 to $400 million from the remaining properties we have for sale."


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