Devon Announces Cash Dividends for Common, Preferred Stockholders

The board of Devon Energy Corp. has declared a quarterly cash dividend on Devon's common stock for the second quarter of 2007. The dividend is payable on June 29, 2007, at a rate of $0.14 cents per share based on a record date of June 15, 2007.

Devon also announced that its board of directors declared a quarterly cash dividend on its 6.49 percent cumulative preferred stock, series A. The dividend rate is $1.6225 per share and is payable on June 29, 2007. The record date for the dividend is June 15, 2007.

Devon Energy Corp. is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is one of the world's leading independent oil and gas producers and is included in the S&P 500 Index.