Devon Energy Commences Production From Egyptian Field; Also Announces New Oil Discovery

Apr 03, 2001, 01:00 ET from Devon Energy Corporation

    OKLAHOMA CITY, April 3 /PRNewswire/ -- Devon Energy Corporation
 (Amex:   DVN; Toronto: NSX) today reported initial production from its North
 July field in the Gulf of Suez, offshore Egypt.  The North July #1 is
 currently flowing 5,500 barrels of oil and three million cubic feet of gas per
 day.  The producing interval is 9,790 to 9,894 feet in the Rudeis formation.
 North July is located 5 miles offshore in 169 feet of water.  The well was
 drilled in 1998, and construction of a three-slot platform commenced in 2000.
 Devon is the operator of the joint venture and owns a 100 percent working
 interest.
     Concurrently, Devon also announced a new discovery in the south of the
 Gulf of Suez.  The well was drilled on the South-West Gebel El-Zeit concession
 six miles offshore in 86 feet of water.  During testing, the SWGEZ-2 well
 flowed at a combined rate of 6,700 barrels of oil and 2.4 million cubic feet
 of natural gas per day.  The results are from two tested intervals within the
 Nubia/Matulla formation between 7,786 and 7,894 feet.  The well was drilled to
 a total depth of 8,040 feet.  Devon is the operator of the concession and owns
 a 43.75 percent working interest.  Partners include Ocean Energy (NYSE:   OEI)
 with a 43.75 percent working interest and Forum Exploration with a 12.5
 percent working interest.
     Devon plans to conduct a facilities and engineering study to evaluate
 development alternatives for the South-West Gebel El-Zeit discovery.
 Production will require construction of a production platform and pipeline.
     This press release includes "forward-looking statements" as defined by the
 Securities and Exchange Commission.  Such statements are those concerning the
 company's plans, expectations and objectives for future operations.  All
 statements included in this press release, other than statements of historical
 facts, that address activities, events or developments that the company
 expects, believes or anticipates will or may occur in the future, are forward-
 looking statements.  Such statements are subject to a number of assumptions,
 risks and uncertainties, many of which are beyond the control of the company.
 Investors are cautioned that any such statements are not guarantees of future
 performance and that actual results or developments may differ materially from
 those projected in the forward-looking statements.
     Devon Energy Corporation is an independent energy company engaged in oil
 and gas exploration, production and property acquisitions.  Devon ranks among
 the top five U.S.-based independent oil and gas producers and is included in
 the S&P 500 Index.  Approximately 75 percent of the company's proved reserves
 are located in North America.  Also, Devon has significant international
 operations in Azerbaijan, Southeast Asia, South America and West Africa.
 Shares of Devon Energy Corporation trade on the American Stock Exchange under
 the symbol DVN.  Devon's exchangeable shares (resulting from Northstar,
 Devon's wholly-owned Canadian operating unit) trade on the Toronto Stock
 Exchange under the symbol NSX.
 
 

SOURCE Devon Energy Corporation
    OKLAHOMA CITY, April 3 /PRNewswire/ -- Devon Energy Corporation
 (Amex:   DVN; Toronto: NSX) today reported initial production from its North
 July field in the Gulf of Suez, offshore Egypt.  The North July #1 is
 currently flowing 5,500 barrels of oil and three million cubic feet of gas per
 day.  The producing interval is 9,790 to 9,894 feet in the Rudeis formation.
 North July is located 5 miles offshore in 169 feet of water.  The well was
 drilled in 1998, and construction of a three-slot platform commenced in 2000.
 Devon is the operator of the joint venture and owns a 100 percent working
 interest.
     Concurrently, Devon also announced a new discovery in the south of the
 Gulf of Suez.  The well was drilled on the South-West Gebel El-Zeit concession
 six miles offshore in 86 feet of water.  During testing, the SWGEZ-2 well
 flowed at a combined rate of 6,700 barrels of oil and 2.4 million cubic feet
 of natural gas per day.  The results are from two tested intervals within the
 Nubia/Matulla formation between 7,786 and 7,894 feet.  The well was drilled to
 a total depth of 8,040 feet.  Devon is the operator of the concession and owns
 a 43.75 percent working interest.  Partners include Ocean Energy (NYSE:   OEI)
 with a 43.75 percent working interest and Forum Exploration with a 12.5
 percent working interest.
     Devon plans to conduct a facilities and engineering study to evaluate
 development alternatives for the South-West Gebel El-Zeit discovery.
 Production will require construction of a production platform and pipeline.
     This press release includes "forward-looking statements" as defined by the
 Securities and Exchange Commission.  Such statements are those concerning the
 company's plans, expectations and objectives for future operations.  All
 statements included in this press release, other than statements of historical
 facts, that address activities, events or developments that the company
 expects, believes or anticipates will or may occur in the future, are forward-
 looking statements.  Such statements are subject to a number of assumptions,
 risks and uncertainties, many of which are beyond the control of the company.
 Investors are cautioned that any such statements are not guarantees of future
 performance and that actual results or developments may differ materially from
 those projected in the forward-looking statements.
     Devon Energy Corporation is an independent energy company engaged in oil
 and gas exploration, production and property acquisitions.  Devon ranks among
 the top five U.S.-based independent oil and gas producers and is included in
 the S&P 500 Index.  Approximately 75 percent of the company's proved reserves
 are located in North America.  Also, Devon has significant international
 operations in Azerbaijan, Southeast Asia, South America and West Africa.
 Shares of Devon Energy Corporation trade on the American Stock Exchange under
 the symbol DVN.  Devon's exchangeable shares (resulting from Northstar,
 Devon's wholly-owned Canadian operating unit) trade on the Toronto Stock
 Exchange under the symbol NSX.
 
 SOURCE  Devon Energy Corporation