Devon to sell Equatorial Guinea assets

Devon Energy has agreed to sell its oil and gas business in Equatorial Guinea to GEPetrol for $2.2 billion.

Offshore staff

OKLAHOMA CITY -- Devon Energy has agreed to sell its oil and gas business in Equatorial Guinea to GEPetrol for $2.2 billion.

Completion of the transaction is subject to approvals, with closing expected on or before May 30, 2008.

Devon's principal asset in Equatorial Guinea is its 23.75% participating interest in the Zafiro offshore oil field, located on block B. Estimated proved reserves attributable to Zafiro were 55 MMbl of oil at year-end 2007. Devon's share of production from Zafiro is currently about 20,000 b/d.

Other assets included in the transaction are Devon's interests in offshore blocks C and P. The two blocks are undeveloped.

04/08/2008

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