Devon Energy Increases Production From the Zafiro Field in Equatorial Guinea

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July 30 2003

Devon Energy Corporation (Amex: DVN; Toronto: NSX) announced today the initiation of production from the Southern Expansion Area of the Zafiro field in Block B, offshore Equatorial Guinea. The project utilizes the newly installed floating production, storage and offloading vessel, Serpentina.

The Southern Expansion Area, which lies in water ranging from 1,400 to 2,800 feet deep, is currently producing from seven wells. Development plans call for a total of 14 producing wells and five injection wells in the area. Production is expected to increase steadily as the remaining producing wells are connected.

Serpentina was put into service on July 13, 2003, approximately 50 days ahead of schedule and just 19 months after the project was sanctioned. Serpentina is the third producing facility in the field and is capable of processing 110,000 barrels of oil per day. This facility increases the total field capacity to 300,000 barrels of oil per day. Serpentina has a storage capacity of 2.1 million barrels of oil as well as water injection and gas lift compression capability.

"This expansion should increase Devon's oil production by at least 15,000 barrels per day driving our net production from Zafiro to over 50,000 barrels per day," said, J. Michael Lacey, senior vice president, exploration and production. "Zafiro is a tremendous asset and is the centerpiece of our significant presence offshore West Africa."

The Zafiro field was discovered in 1995 and has produced over 270 million barrels to date with estimated gross ultimate recoverable reserves in excess of one billion barrels of oil. Devon, through its subsidiary, Ocean Equatorial Guinea Corporation, has a 23.75 percent interest in the Zafiro field. Zafiro is operated by ExxonMobil's subsidiary, Mobil Equatorial Guinea, Inc., with a 71.25 percent interest. The Government of Equatorial Guinea holds the remaining five percent.

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. For additional information visit .

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