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Devon Energy Sells Panyu Field to China National Offshore Oil

Jun 19 2010

Devon Energy Corporation (NYSE: DVN) today announced that it has completed the sale of its Panyu field located offshore China to China National Offshore Oil Corporation for $515 million, or approximately $370 million after tax. During 2009, Devon's production from the Panyu field was approximately 12 thousand barrels of oil per day.

Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is a leading U.S.-based independent oil and gas producer and is included in the S&P 500 Index.

Source: http://www.devonenergy.com/

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