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[Devon Energy Corporation Letterhead]
NEWS RELEASE
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FOR IMMEDIATE RELEASE
CONTACT: ZACK HAGER
INVESTOR RELATIONS
(405) 552-4526
DEVON ENERGY ANNOUNCES PRICING OF ZERO COUPON
CONVERTIBLE DEBENTURES
OKLAHOMA CITY, OKLAHOMA, JUNE 22, 2000 -- Devon Energy Corporation
(AMEX: DVN) today announced that it has priced a private placement of 20-year
zero coupon convertible debentures. At closing, the debentures will be issued
at a price of $464.13 per debenture. The debentures will reach an accreted
value at maturity of $1,000 per debenture. This represents a yield to
maturity of 3.875 percent per annum.
In addition to the implied yield, the debentures are convertible into 5.7593
shares of Devon Energy Corporation common stock. This ratio represents a 40
percent premium to yesterday's closing price of $57.5625. This premium will
accrete to approximately 70 percent by the first put date of June 27, 2005.
Devon may call the debentures after five years. The call price will be equal
to the issuance price plus accrued original issue discount through the date
of call. Holders can "put" the debentures back to Devon (i.e., require Devon
to repurchase debentures) on the fifth, tenth and fifteenth anniversaries of
the issue date. The put price will be calculated in the same manner as the
call price. Payment can be made in cash, shares of Devon's common stock or a
combination of cash and shares at Devon's option.
The issue is expected to result in net proceeds of approximately $346 million
to Devon. Devon intends to use the proceeds to repay existing Devon debt and
for general corporate purposes. Closing is scheduled for June 27, 2000.
The securities offered will not be registered under the Securities Act of
1933 and may not be offered or sold in the United States absent registration
or an applicable exemption from registration requirements.
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Devon Energy Corporation is an independent energy company engaged in oil and
gas property acquisition, exploration and production. It is one of the top
10 public independent oil and gas companies based in the United States, as
measured by oil and gas reserves. Devon's Canadian operations are conducted
by its subsidiary, Northstar Energy Corporation. Shares of Devon Energy
Corporation trade on the American Stock Exchange under the symbol DVN.
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