Devon Energy to Explore Block 11/34 in China's Yellow Sea

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Feb 21, 2006

Devon Energy Corporation (NYSE: DVN) today announced that it has signed a production sharing contract with the Chinese National Offshore Oil Corporation (CNOOC) covering block 11/34 offshore eastern China. Subject to final government approvals, Devon will operate the block with a 100 percent working interest. CNOOC has the option to participate with a 51 percent working interest in the event of a commercial discovery. Within the exploration period, Devon is committed to conduct a seismic survey and to drill exploratory wells.

Block 11/34 covers approximately 4,200 square miles in the Southern Yellow Sea Basin, offshore China. The block lies approximately 60 miles from Quingdao and 250 miles northeast of Shanghai. Water depths on the block range from 50 feet to 125 feet.

In 2005, Devon also signed a production sharing contract with CNOOC for deepwater block 42/05. Block 42/05 covers about 2,700 square miles in the Pearl River Mouth Basin of the South China Sea.

Devon began producing oil offshore China in 2003 from its Panyu development project. To date, Panyu has produced approximately 55 million barrels of oil. Devon holds a 24.5 percent working interest in Panyu and operated the project during the exploration and development phases.

"Block 11/34 further expands Devon's exploratory acreage inventory offshore China," commented Stephen J. Hadden, senior vice president, exploration and production. "The excellent working relationship we established with CNOOC in developing the Panyu project continues as we begin the exploration phases on the recently acquired blocks."


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