2009-08-19-2007-05-01-2007-11-01

Bought interests in 89 producing wells in 8 concessions including East Zeit, Quarun, East Beni Suef, West Abu Gharadig. Production 12,500 BOE/d, 2P 30 MMBOE.

Dana Petroleum Plc, Aberdeen, U.K., (London: DNX) has closed its acquisition of the Egyptian assets of Devon Energy Corp., Oklahoma City, (NYSE: DVN) for US$375 million in cash, including US$67 million in net working capital. Devon's Egyptian assets include interests in 89 producing wells in eight concessions, in which the East Zeit, Quarun, East Beni Suef and West Abu Gharadig concessions are producing. Production is approximately 12,500 barrels of oil per day. Proved and probable reserves are approximately 30 million barrels. Devon president John Richels says, "Sale of our Egyptian assets is the first step of our strategic plan to divest all of Devon's interests in Africa. Divesting the African assets will allow us to reallocate resources to growth opportunities in North America and to focus our international exploration efforts on Brazil and China." Richels adds that Devon expects to receive bids on its West African assets by early July. Dana chief executive Tom Cross says, "This deal will deliver a significant reserves and production growth step for Dana and strategically, the acquisition fits closely with our previous Egyptian transactions. The new portfolio contains a good balance of producing oil fields with numerous attractive drilling opportunities, both on existing fields and within large exploration concessions." Dana funded the acquisition with a credit facility arranged with ABN Amro Bank.