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DEVON ENERGY AND HONDO OIL & GAS NEGOTIATING PURCHASE/SALE OF HONDO'S U.S. OIL AND GAS PROPERTIES

 DEVON ENERGY AND HONDO OIL & GAS NEGOTIATING PURCHASE/SALE
 OF HONDO'S U.S. OIL AND GAS PROPERTIES
 OKLAHOMA CITY, Feb. 25 /PRNewswire/ -- Devon Energy Corp. (AMEX: DVN) and Hondo Oil & Gas Company (AMEX: HOG) today announced that they presently are negotiating for the purchase by Devon of substantially all of the U.S. oil and gas properties of Hondo. Excluded from the negotiations are Hondo's international exploration operations, its refinery, its interest in the Wilmington Oil Field around Long Beach, Calif., and its real estate holdings.
 Hondo has agreed to an exclusive "standstill" period to proceed with a definitive agreement and other matters. However, Devon and Hondo cautioned that no definitive agreement has been reached, and no assurance can be given that any agreement will be reached. Devon and Hondo also stated that even if a definitive agreement is reached, it will be subject to several substantial conditions. The two companies expect to announce the status of the negotiations within ten days, or March 6.
 Founded in 1969, Devon Energy is engaged in oil and gas property acquisitions, exploration and production activities, and oil and natural gas remarketing. The company's common and preferred stocks are traded on the American Stock Exchange under the symbols "DVN" and "DVN.Pr," respectively.
 Hondo Oil & Gas Company is an integrated independent oil and gas company that explores for, produces and markets crude oil and natural gas, and refines and markets petroleum products. The company's common stock is traded on the American Stock Exchange under the symbol "HOG."
 -0- 2/25/92
 /CONTACT: Marian J. Moon of Devon Energy, 405-235-3611; or Scott McEachin, assistant secretary of Hondo Oil & Gas, 505-625-8700/
 (DVN HOG) CO: Devon Energy Corp.; Hondo Oil & Gas Company ST: Oklahoma, New Mexico IN: OIL SU: TNM


GK -- NY062 -- 2405 02/25/92 14:01 EST
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Publication:PR Newswire
Date:Feb 25, 1992
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