Devon Energy Announces Record STACK Well Reaching 6,000 BOE per Day, Provides Development Update

OKLAHOMA CITY–(BUSINESS WIRE)–Devon Energy Corp. (NYSE: DVN) announced today it has brought online a
record-setting Meramec well and commenced production on several
high-rate wells in the core of the over-pressured oil window of the
STACK play during the second quarter of 2017.

The record-setting Privott 17-H well was brought online in southwest
Kingfisher County and achieved a facility-constrained peak 24-hour rate
of 6,000 oil-equivalent barrels (Boe) per day (50 percent oil). When
compared against publicly available data in the STACK, the Privott well
achieved the highest initial production rate of any well by a wide
margin and is expected to recover in excess of 2 million Boe over the
life of the well.

The Privott 17-H well was drilled with a 10,000-foot lateral and landed
in the upper Meramec interval near the company’s Showboat development,
which will spud in the third quarter. A key contributor to this prolific
well result was an improvement in stimulated rock volume around the
wellbore through a new proprietary completion design.

Devon also brought online four additional high-rate Meramec wells in the
core of the over-pressured oil window during the second quarter that
benefitted from the company’s recently enhanced completion design. In
aggregate, these four wells attained an average 30-day initial
production rate of 2,000 Boe per day. These well results were even more
impressive on a per-lateral-foot basis with average well productivity of
greater than 300 Boe per day per 1,000 feet of gross perforated interval.

“The outstanding well results we’re achieving from our enhanced
completion design in the STACK is another example of Devon’s technology
leadership in the upstream space. This operational excellence is
delivering best-in-class well productivity in this world-class play,”
said Tony Vaughn, chief operating officer. “Looking ahead, we expect to
continue to build operational momentum in the STACK as we transition our
activity to multi-zone development drilling that will drive additional
efficiency gains and maximize the value of our resource.”

Full-Field Development Update

Devon has an industry-leading position in the STACK that has
consistently generated best-in-class well productivity (see Q1 2017
operations report for more details). Importantly, the unique library of
information the company has accumulated through participation in the
majority of industry wells has positioned Devon for its first multi-zone
development. Devon will spud the Showboat development project, which
includes approximately 25 wells across 4 landing zones, in the third
quarter.

“Devon will continue to test development concepts including well
density, multi-layer well stacking, intra-layer well staggering and
further completion design improvements,” said Wade Hutchings, senior
vice president exploration and production. “This continual flow of data
from our extensive position in the STACK will inform and improve our
deep inventory of future multi-zone developments and the overall value
of our coveted STACK resource.”

To date, the company has three operated spacing pilots online in the
core of the over-pressured oil window. These highly successful tests,
which were 5,000-foot laterals, have delivered average 180-day
cumulative production rates of approximately 220,000 Boe per well, with
oil approaching 50 percent of the product mix.

Overall, Devon’s premier STACK position encompasses more than 600,000
net acres by formation and is concentrated in the economic core of the
play. In aggregate, the company has exposure to 5,400 risked locations
and possesses tremendous upside with greater than 10,000 unrisked
locations. Given the STACK’s excellent positioning on the North American
cost curve, this franchise asset provides the company with high-return,
sustainable growth opportunities for the foreseeable future.

About Devon Energy

Devon Energy is a leading independent energy company engaged in finding
and producing oil and natural gas. Based in Oklahoma City and included
in the S&P 500, Devon operates in several of the most prolific oil and
natural gas plays in the U.S. and Canada with an emphasis on a balanced
portfolio. The company is the second-largest oil producer among North
American onshore independents. For more information, please visit www.devonenergy.com.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the federal securities laws. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond
the control of the company. These risks include, but are not limited to:
our ability to replicate the results described in this release for
future wells; all the other uncertainties, costs and risks involved in
exploration and development activities; and the other risks identified
in the company’s Annual Report on Form 10-K and its other filings with
the Securities and Exchange Commission (the “SEC”). Investors are
cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ
materially from those projected in the forward-looking statements. The
forward-looking statements in this press release are made as of the date
hereof, and the company does not undertake any obligation to update the
forward-looking statements as a result of new information, future events
or otherwise.

The SEC permits oil and gas companies, in their filings with the SEC, to
disclose only proved, probable and possible reserves that meet the SEC’s
definitions for such terms, and price and cost sensitivities for such
reserves, and prohibits disclosure of resources that do not constitute
such reserves. This press release contains certain terms, such as risk
and unrisked locations and other similar terms. These estimates are by
their nature more speculative than estimates of proved, probable and
possible reserves and accordingly are subject to substantially greater
risk of being actually realized. Investors are urged to consider closely
the disclosure in our Annual Report on Form 10-K and other SEC filings.

Contacts

Devon Energy Corporation
Investor Contacts
Scott Coody,
405-552-4735
Chris Carr, 405-228-2496
Media Contact
John
Porretto, 405-228-7506