2009-08-17-2008-05-01

To buy 23.75% interest in Zafiro offshore Field on Block B, WI in undeveloped offshore blocks C and P, gaining 20,000 BOE/d, 55 MMBO proved.

Equatorial Guinea national oil company GEPetrol plans to acquire the Equatorial Guinea assets of Devon Energy Corp., Oklahoma City, (NYSE: DVN) for $2.2 billion ($1.7 billion after taxes). Devon's principal asset in the country is its 23.75% participating interest in the Zafiro offshore oil field on Block B. Other assets include interests in the undeveloped offshore blocks C and P. Net production is 20,000 barrels of oil per day. Proved reserves as of year-end 2007 were approximately 55 million barrels. Devon president John Richels says, "This transaction represents the largest piece of our African divestiture program. With aggregate pre-tax proceeds of the announced transactions surpassing $3 billion, the divestiture results have exceeded our expectations." Closing is expected by the end of May. The effective date is Jan. 1.