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Devon Signs Production Sharing Agreement in Syria

Source: www.GulfOilandGas.com 5/31/2003, Location: Middle East

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Devon Energy (Amex: DVN) today announced that it has entered into an agreement to explore for oil and natural gas in Syria. Devon and its partner, Gulfsands Petroleum Ltd., entered into the agreement covering Block 26 in northeastern Syria with the Syrian government and the Syrian Petroleum Company. Devon is operator and has an 80 percent participating interest. Gulfsands has a 20 percent participating interest.

Under the terms of the Exploration, Development and Production Sharing Contract, Devon and Gulfsands are obligated to pay a signature bonus of $1 million. In addition, during the initial four-year term of the contract, Devon and Gulfsands are committed to conduct geologic and geophysical studies, acquire seismic data and drill four exploration wells. Devon and Gulfsands' total obligation under the contract approximates $17 million, including the $1 million signature bonus.

Block 26 covers an area of more than 11,000 square kilometers. The agreement excludes the Syrian Petroleum Company's existing fields located within the outer perimeter of the block. These existing fields are currently producing more than 120,000 barrels of oil per day and will continue to be owned and operated by the Syrian Petroleum Company.

James T. Hackett, president and COO of Devon, stated, "This partnership enhances Devon's presence in the Middle East. The Syrian partnership focuses on exploration around areas with proven reserves. It could, over time, expand to include cooperation between Syrian Petroleum Company and Devon on additional development and production enhancement projects in the area. Innovation and cooperation created this novel arrangement with the Syrian Petroleum Company and we look forward to continued cooperation to make this partnership successful."

Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration, production and property acquisitions. Devon is the largest U.S.-based independent oil and gas producer and is included in the S&P 500 Index.

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