Devon Energy completes property sales of $1.2 billion

US independent oil and gas company Devon Energy Corporation said Thursday that to date, it has completed sales of oil and gas properties for aggregate proceeds of US$1.243 billion, before taxes, including $262 million from Indonesian assets sale.

In a bid to restructure its business, Devon had recently sold its non-core oil and gas assets in the US, Canada and Indonesia.

"Devon has now exceeded our initial target of raising $1 billion in after- tax proceeds through the sale of non-core properties," said Brian Jennings, senior vice president of corporate development. "The level of interest by prospective buyers continues to be encouraging, and we expect to raise an additional $200 to $400 million from the remaining properties we have for sale."

Devon sold its Indonesian interest with proven oil and gas reserves of 80 million barrels of oil equivalent to Petrochina, which includes oil and gas interest in Sumatra, East Java and Papua province.(alex)