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Devon Energy Completes Sale of Assets in Gabon

05-20-2008

Devon Energy Corporation 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.