Devon Energy completes acquisition of Mitchell Energy
  by: OilOnline
  Friday, January 25, 2002

Devon Energy Corp. .and Mitchell Energy & Development Corp. announced the completion of Devon's acquisition of Mitchell. Shareholders of both companies overwhelmingly approved the transaction at special shareholder meetings earlier today. Over 97 percent of shares represented at both the Devon and Mitchell meetings were cast in favor of the transaction.

In the transaction, each Mitchell common share was converted into .585 of a share of Devon common stock and the right to receive $31 cash. Conversion requires issuance of approximately 29.7 million additional Devon common shares, resulting in total shares outstanding of approximately 156 million. The transaction will be accounted for as a purchase of Mitchell by Devon.