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Devon Energy to sell Gulf of Mexico and international assets

Posted on: Wed, 18 Nov 2009 10:25:00 EST

Symbols: DVN

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Nov 18, 2009 (M2 EQUITYBITES via COMTEX) --
DVN | Quote | Chart | News | PowerRating -- Oil and gas exploration and production company Devon Energy Corp
(NYSE:DVN) revealed on Monday that it intends to sell all of its Gulf
of Mexico and international assets for between USD4.5bn and USD7.5bn.

The divestitures are planned to be conducted throughout 2010, with
proceeds redirected to the company's US and Canadian onshore portfolio
and to retire debt.

This repositioning of the company as an onshore North American
exploration and production company is expected to be highly accretive
to earnings, cash flow, production and reserves beginning in 2011,
Devon Energy said.

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