Devon sells Africa operations

Offshore staff

OKLAHOMA CITY and LONDON –Devon Energy Corp. expects to realize $205.5 million from its sale of offshore Gabon holdings to Oranje-Nassau Energie BV. Pending Gabonese governmental approval, the sale is expected to close by year-end.

Included in the sale is Devon's interest in Kowe, Agali, and Gryphon Marin exploration blocks.

Devon also has sold interests in Ghana and Angola to Afren Plc.

The Keta block in the Volta River basin of Ghana covers 5,500 sq km (2,124 sq mi) and block 16 offshore Angola in the Lower Congo basin covers 4,936 sq mi (1,906 sq mi).

"We are delighted to have secured two highly prospective exploration blocks in Ghana and Angola offering multi-billion barrel oil resource potential," says Osman Shahenshah, CEO of Afren "The Keta Block, offshore Ghana, is located east of the discoveries that were recently announced on the West Cape Three Points and Deepwater Tano blocks, whilst Angola Block 16 lies adjacent and on trend to 45 significant discoveries and notably has two existing discoveries, which are under appraisal and offer the potential for early development.

"The addition of the Keta Block and Block 16 to the portfolio will further increase the Company's exploration and appraisal drilling campaign for 2008, with a total of up to 4 additional wells."

"The properties in Gabon are a part of the West African divestiture package we announced early this year," says John Richels, Devon's president. "We received bids for various combinations of the assets, and are very pleased to have reached an agreement on Gabon with Oranje-Nassau. Negotiations are also under way with potential buyers of the other properties in the West African divestiture package. We now expect to complete the balance of the transactions during the first half of 2008."

11/13/2007