DEVON ENERGY CONVERTIBLE PREFERRED STOCK REDEEMED
DEVON ENERGY CONVERTIBLE PREFERRED STOCK REDEEMED OKLAHOMA CITY, Nov. 4 /PRNewswire/ -- Devon Energy Corp.
(AMEX: DVN) today announced that all outstanding shares of its $1.94 convertible preferred stock were cancelled as of the close of business yesterday. On Oct. 2, 1992, the company called the preferred stock for redemption for $26 per share, plus accrued dividends of .175 cents. Instead of presenting their preferred shares for redemption, holders were entitled to convert each preferred share into 2.33 shares of Devon Energy common stock prior to the close of business yesterday.
Of the 1,169,000 shares outstanding prior to the redemption announcement, all but 6,108 shares were presented for conversion. As a result, the company issued approximately 2,711,000 new common shares. In addition, the company paid approximately $160,000 for the redemption of the remaining preferred stock, including accrued dividends through Nov. 3, 1992. With the elimination of the convertible preferred stock, the company has eliminated annualized dividends of $2,269,000 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 shares trade on the American Stock Exchange under the Symbol ''DVN.'' For further information on Devon Energy by FAX, Dial 1-800-PRO-INFO, ext. 047. -0- 11/4/92 /CONTACT: Marian J. Moon, manager corporate communications, 405-235-3611, Devon Energy Corp.; or Lynne Franklin, 312-266-7800, Financial Relations Board; or at FRB New York, Kathy Phelan, 212-661-8030, for Devon Energy/ (DVN) CO: Devon Energy Corp. ST: Oklahoma IN: OIL SU:
WB -- NY034 -- 2474 11/04/92 12:15 EST
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|Date:||Nov 4, 1992|
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