Devon Energy Corporation announced today that it has completed the sale of its operations in the West African nation of Cote d'Ivoire to Afren plc. The sales price was $205 million. After adjusting for net revenues received by Devon from June 30, 2007, through closing, the adjusted proceeds were $164 million.
With completion of the Cote d'Ivoire transaction, Devon has divested all of its oil and gas producing properties in Africa. The aggregate pre-tax value of the combined African divestitures was approximately $3 billion.
Devon's African operations have been accounted for as discontinued operations since the company decided to exit Africa in early 2007. As a result, the Cote d'Ivoire divestiture has no effect upon Devon's oil and gas production or proved reserves.
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