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DEVON ENERGY TO REDEEM PREFERRED STOCK

 DEVON ENERGY TO REDEEM PREFERRED STOCK
 OKLAHOMA CITY, Sept. 18 /PRNewswire/ -- Devon Energy (AMEX: DVN)


today announced it intends to redeem its $1.94 convertible preferred stock. The company plans to redeem 100 percent of the preferred stock at $26 per share plus accrued dividends of $0.175. A notice of redemption and a letter of transmittal will be delivered to each holder of record as of Oct. 2, 1992. The preferred shares will be redeemed on Nov. 3, 1992.
 Instead of presenting their preferred shares for redemption, holders can elect to convert their preferred shares into Devon Energy common stock. The conversion ratio will be 2.33 common shares for each preferred share. The common shares received in the conversion would be fully registered and freely tradeable. The closing price for Devon Energy's common stock on Sept. 17, 1992, was $15.875 per share.
 If all 1,169,800 outstanding preferred shares are converted into common stock, the company will issue approximately 2,725,600 new common shares, but no redemption proceeds or accrued dividends would be payable. Alternately, if all 1,169,800 outstanding preferred shares are presented for redemption, Devon Energy would be required to pay $30,414,800, plus approximately $205,200 in accrued dividends. Any combination of the two alternatives is possible. In any case, all 1,169,800 outstanding preferred shares will be canceled. Cancellation of the preferred shares will eliminate annualized dividends of $2,269,412 and the $29,245,000 liquidation preference of the preferred stock.
 Devon Energy Corp. is an independent energy company engaged primarily in oil and gas property acquisitions, exploration and production, and oil and natural gas remarketing. The company ranks in the top 25 percent of U.S. publicly held oil and gas firms, measured by oil and gas reserves. Devon Energy's common and preferred shares trade on the American Stock Exchange under the symbols DVN and DVN.Pr, respectively.
 DEVON ENERGY CORP.
 1500 Mid-America Tower
 20 North Broadway
 Oklahoma City, Okla. 73102
 TRADED: AMEX: DVN & DVN.Pr
 -0- 9/18/92
 /CONTACT: Allen Turner, vice president, corporate development of Devon Energy, 405-235-3611, or Lynne Franklin or Nick Farina, 312-266-7800; or Kathy Phelan, 212-661-8030, all of the Financial Relations Board for Devon Energy/
 (DVN) CO: Devon Energy Corp. ST: Oklahoma IN: OIL SU:


PS -- NY027 -- 1051 09/18/92 11:01 EDT
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Date:Sep 18, 1992
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