Devon Sells Gulf Projects To Maersk For $1.3B

Law360, New York (December 23, 2009, 4:39 PM EST) -- Devon Energy Corp. will sell three of its Gulf of Mexico projects to Dutch company Maersk Oil for $1.3 billion, the first step in the company's previously announced plan to divest all of its projects in the Gulf.

The three projects, Cascade, Jack and St. Malo fields, are located in the deepwater Walker Ridge federal lease area off the Louisiana coast. The sale consists of a 50 percent participating interest in the Cascade field and a 25 percent participating interest in the Jack and St. Malo...
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