Dana acquires Devon's upstream business in Egypt

Offshore staff

ABERDEEN, UK -- Dana Petroleum (E&P) Ltd. will acquire Devon Energy Corp.'s upstream petroleum business interests in Egypt spanning eight companies and eight Production Sharing Contracts.

The purchase price of $375 million includes the oil and gas production and exploration assets of Devon Egypt plus $67 million of working capital in Devon Egypt.

The acquisition includes Devon's Gulf of Suez and Western Desert properties with a total of 13 fields in production. Upon completion, the acquisition will add production of approximately 12,500 b/d of oil to Dana and 30 MMbbl of proven and probable reserves to Dana.

The companies being acquired will be added to Dana's existing properties in the Nile Delta and Gulf of Suez.

The acquisition is subject to the normal regulatory and partner approvals and is expected to be completed during the second half of 2007.

4/19/07