Devon Energy Corp intends to divest its Gulf of Mexico and international assets. The company plans to concentrate on its onshore fields in the United States and Canada. The company hopes to raise after-tax proceeds of $4.5 billion to $7.5 billion from the divestures. The sale process will begin in the first quarter of 2010 and is likely to be concluded by the end of 2010, the company said. Chairman and Chief Executive Officer of the company, Larry Nichols said: "We do not believe that the value of our high-quality Gulf and international assets is being adequately reflected in our stock price." Devon owns more than 9 million acres in international assets. Most of the properties are undeveloped and are in Azerbaijan, Russia, Brazil and China. Devon holds nearly 1.5 million acres in the Gulf of Mexico, of which about 87% is undeveloped. The company has 662 producing wells and has stake in some of the region's best potential plays in the newly discovered in the deepwater "lower tertiary" trend.

Devon Energy Corporation announced the results of a successful Haynesville Shale well in San Augustine County, Texas. The Kardell Gas Unit 1H achieved an average continuous 24-hour flow rate of approximately 30.7 million cubic feet of natural gas equivalent per day through a 37/64-inch choke. Flowing pressure was 6,824 pounds per square inch. The Kardell well was drilled to a total measured depth of 18,350 feet, including a horizontal lateral section of approximately 4,500 feet.

Devon Energy Corporation, 2010 Guidance/Update Call, Nov-16-2009