Market Overview

Devon Energy Announces $215 Million Sale of Non-Core Delaware Basin Acreage


Devon Energy Corp. (NYSE:DVN) announced today it has entered into a
definitive agreement to sell 9,600 net acres of non-core Delaware Basin
acreage in Ward and Reeves County to Carrizo Oil and Gas for $215
million. Net production from these properties is approximately 2,500
oil-equivalent barrels per day (60 percent oil). The transaction is
expected to close in the fourth quarter of 2018, subject to customary
terms and conditions.

With this transaction, total proceeds from Devon's divestiture program
have now reached $4.4 billion. The company expects to monetize
additional minor, non-core assets across the United States by year-end.
These divestiture packages include enhanced oil recovery projects in the
Midland Basin and Rockies along with Wise County acreage in the Barnett

Jefferies LLC acted as the financial advisor to Devon on the
transaction. Vinson & Elkins acted as legal advisor to Devon.

About Devon Energy

Devon Energy is a leading independent energy company engaged in finding
and producing oil and natural gas. Based in Oklahoma City and included
in the S&P 500, Devon operates in several of the most prolific oil and
natural gas plays in the U.S. and Canada with an emphasis on achieving
strong returns and capital-efficient cash flow growth. For more
information, please visit

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the federal securities laws. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond
the control of the company. These risks include, but are not limited to:
the delay or failure to consummate the transaction due to unsatisfied
closing conditions or otherwise; the amount of proceeds received due to
purchase price adjustments and other factors, and the ultimate use of
those proceeds; and the other risks identified in the Company's Annual
Report on Form 10-K and its other filings with the Securities and
Exchange Commission (SEC). Investors are cautioned that any such
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected in
the forward-looking statements. The forward-looking statements in this
press release are made as of the date hereof, and the company does not
undertake any obligation to update the forward-looking statements as a
result of new information, future events or otherwise.

View Comments and Join the Discussion!