Devon to sell RI assets to PetroChina

Devon to sell RI assets to PetroChina

OKLAHOMA CITY: Devon Energy Corp. confirmed it agreed to sell
its Indonesian operations to PetroChina Co. for US$262 million
cash, including working capital.

PetroChina had announced the deal earlier.

Devon said in a press release Monday it will receive about
$250 million upon closing, plus an additional $12 million if
certain events are completed.

The transaction is expected to close in April.

As of Dec. 31, 2001, Devon's Indonesian oil and gas properties
had estimated proved reserves of about 80 million equivalent
barrels, of which about 20 percent were classified as proved
developed producing. The properties produced about 1.1 million
barrels of oil equivalent net to Devon's interest during the
first quarter.

The energy company said the transaction will allow the company
to "largely" reach its goal of eliminating non-core properties.

For 2001, Devon reported operating earnings of $54 million, on
revenue of $3.1 million. -- Dow Jones