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EXHIBIT 99.1
[DEVX ENERGY LETTERHEAD]
(FORMERLY QUEEN SAND RESOURCES, INC.)
NEWS RELEASE
FOR IMMEDIATE RELEASE
FOR MORE INFORMATION: EDWARD J. MUNDEN
PRESIDENT AND CEO
(613) 230-7211 / 227
WWW.DEVXENERGY.COM
DEVX ENERGY, INC. ISSUES 1,500,000 COMMON SHARES
DALLAS, TEXAS -- NOVEMBER 29, 2000 -- DEVX ENERGY, INC. (NASDAQ: DVXE) announced
today the closing of the sale of 1,500,000 shares of common stock to the
underwriters of the public offering recently completed by the Company. These
shares were sold pursuant to the exercise by the underwriters of an option to
cover overallotments. The price per share to the public was $7.00 and the net
price per share to the Company (after deducting the underwriter's discount) was
$6.65. The aggregate net proceeds to the Company (after deducting estimated
expenses) for the issuance of 1,500,000 shares were approximately $9.6 million.
Friedman, Billings, Ramsey & Co., Inc. and Stifel, Nicolaus & Company,
Incorporated served as the managing underwriters for the offering. A copy of the
final prospectus relating to these shares can be obtained from the offices of
Friedman, Billings, Ramsey & Co., Inc. at 1001 19th St. North, Arlington, VA.,
22209, Attention: Prospectus Department, telephone: 703/312-9588.
DevX Energy, Inc. is an independent energy company engaged in the
exploration, development, exploitation and acquisition of oil and natural gas
properties in conventional producing areas of North America. Our properties are
concentrated in six producing areas or basins and over 50% of our proved
reserves are concentrated in south and east Texas.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there by any sale of the securities in
the public offering in any State in which such offers, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any State.
We make forward-looking statements in this document, and in our public
documents to which we refer, that are subject to risks and uncertainties in
addition to those set forth above. These forward-looking statements include
information about possible or assumed future results of our operations. Also,
when we use any of the words "believes," "expects," "anticipates," or similar
expressions, we are making forward-looking statements. Many possible events or
factors could effect our future financial results and performance. This could
cause our results or performance to differ materially from those we express in
our forward-looking statements. These and other risks are described in the
Company's publicly filed documents and reports that are available from the
Company and from the SEC.
