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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
Filed by the Registrant [X]
Filed by a Party other than the Registrant [_]
Check the appropriate box:
[_] Preliminary Proxy Statement
[_] CONFIDENTIAL, FOR USE OF THE
COMMISSION ONLY (AS PERMITTED BY
RULE 14A-6(E)(2))
[_] Definitive Proxy Statement
[X] Definitive Additional Materials
[_] Soliciting Material Pursuant to (S) 240.14a-11(c) or (S) 240.14a-12
PENNZENERGY COMPANY
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(Name of Registrant as Specified In Its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required.
[_] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to which transaction applies:
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(2) Aggregate number of securities to which transaction applies:
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(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which
the filing fee is calculated and state how it was determined):
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(4) Proposed maximum aggregate value of transaction:
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(5) Total fee paid:
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[_] Fee paid previously with preliminary materials.
[_] Check box if any part of the fee is offset as provided by Exchange
Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
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(2) Form, Schedule or Registration Statement No.:
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(3) Filing Party:
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(4) Date Filed:
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Notes:
Reg. (S) 240.14a-101.
SEC 1913 (3-99)
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DEVON ENERGY CORP. PENNZENERGY
FOR IMMEDIATE RELEASE
Contact: Vince White Jeanne Buchanan
Devon Energy Corporation PennzEnergy Company
(405) 552-4505 (713) 546-6444
Devon Energy and PennzEnergy Merger on Schedule
OKLAHOMA CITY, OKLAHOMA; HOUSTON, TEXAS, July 29, 1999 - Today, in response to
investor and media inquiries, Devon Energy Corporation (AMEX:DVN, TSE:NSX) and
PennzEnergy Company (NYSE: PZE) announced that progress toward the proposed
merger of the two companies remains on schedule. Distribution of proxy
materials to shareholders began on July 16, 1999. Each company will hold a
special meeting of shareholders on August 17, 1999, to vote upon the merger.
Subject to shareholder approval, the proposed merger is expected to be completed
shortly thereafter.
James L. Pate, Chairman of PennzEnergy, said, "The merger of Devon and
PennzEnergy will create a significant exploration and production company with a
powerful and focused asset base. We believe this proposed strategic alliance
offers many unique benefits to our shareholders. Our staff is working with
Devon's to assure a quick and efficient integration of operations as soon as the
merger is approved."
J. Larry Nichols, President and CEO of Devon, said, "The planned merger of Devon
and PennzEnergy is very much on track. Given the complexity of a transaction of
this magnitude, I believe the transition teams are making remarkable progress.
We have been very pleased by the cooperation shown by employees throughout both
organizations and we expect a smooth transition."
Upon successful completion of the merger, the new combined Devon Energy
Corporation will rank solidly in the top 10 of all U.S.-based independent oil
and gas producers in terms of market capitalization, total proved reserves and
annual production. The merger will create an international oil and gas company
with an equity market capitalization of approximately $2.6 billion and
enterprise value of approximately $4.7 billion.
PennzEnergy Company is among the largest domestic independent exploration and
production companies. Operations are focused in the Gulf of Mexico, onshore Gulf
Coast, East and West Texas, and, internationally, in Egypt, Venezuela,
Azerbaijan, Qatar and Brazil.
Devon Energy Corporation is an independent energy company engaged in oil and gas
property acquisition, exploration and production. It is one of the top 15 public
independent oil and gas companies in the United States and Canada, as measured
by oil and gas reserves. Devon's Canadian operations are primarily conducted by
its subsidiary, Northstar Energy Corporation. Devon's common shares trade on
the American Stock Exchange under the symbol DVN.
