Devon to sell interest in Lower Tertiary assets

Devon Energy is looking to sell up to 50% interest in 25 prospects in the Gulf of Mexico Lower Tertiary trend including stakes in its four discoveries and future exploration, according to an analyst.

Offshore staff

NEW YORK -- Devon Energy is looking to sell up to 50% interest in 25 prospects in the Gulf of Mexico Lower Tertiary trend including stakes in its four discoveries and future exploration, according to an analyst. Devon tells the analyst that it would accept cash up front or a carry for activities in order to reduce capital needed for long-term projects.

The data room is scheduled to open in July, but the company has had interest from Asia, Europe, and other major operators, the analyst says.

6/26/2009

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