In December 2009, Devon signed an agreement with Maersk Oil to purchase Devon’s interests in three lower tertiary projects. Subsequently, other working interest owners in the St Malo and Cascade projects exercised preferential rights to purchase Devon’s interests.
Devon has confirmed that the aggregate purchase price of its interests in the Jack, St Malo and Cascade lower tertiary projects remains $1.3bn. The company estimates its after-tax proceeds from the combined transactions at approximately $1.1bn.
Closings of the St Malo and Cascade transactions are expected to occur by the end of March 2010. The transactions are subject to customary closing conditions and regulatory approvals.
Devon is an Oklahoma city-based energy company engaged in oil and gas exploration and production.
