Devon Redeems Cumulative Preferred Stock

Devon Energy Corporation announced that it will call for redemption on all 1.5 million outstanding shares of its 6.49 percent Series, A Cumulative Preferred Stock. The redemption date for all such shares is June 20, 2008.

Each share of Preferred Stock will be redeemed for cash at a redemption price of $100 per share, plus accrued and unpaid dividends up to the redemption date. The redemption of shares and payment will be made in accordance with the terms specified in the redemption notice. The Bank of New York Mellon will be acting as paying agent for the redemption.

Redemption of the preferred shares will eliminate approximately $10 million of annual cash dividends.