News overnight that Devon Energy in the US plan (among other things) to sell some of their mature ground in the GOM and onshore Canada and USA to concentrate in other areas(extract below). I don't know the size or status of their assets in the GOM however a quick look at their website shows that they have producing assets at West Cameron 560 and Main Pass 69. Perhaps there might be some pickings that PSA would be interested in - any comments from the PSA diehards?
OKLAHOMA CITY, Sep 27, 2004 (AP Online via COMTEX) -- Devon Energy Corp. announced plans Monday to sell oil and gas assets, split its shares two for one, buy back 10 percent of its outstanding stock and list on the New York Stock Exchange.
The announcements came on the eve of the Oklahoma City-based independent oil and gas producer's annual executive presentation to analysts in New York and after regular trading closed.
In after-hours trading Monday on the American Stock Exchange, Devon's shares rose $1.80, or 2.4 percent, to $75.67.
Devon said it would sell "noncore and mature properties" in the Gulf of Mexico and onshore in Canada and the United States representing as much as 8 percent of the company's proved reserves.
Devon expects after-tax proceeds of between $1 billion and $1.5 billion from selling those properties with proved reserves of between 145 million to 165 million barrels of oil equivalent.
PSA Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
