Devon Energy and Santa Fe Snyder completed their $2.5 billion merger 
yesterday as shareholders of both companies approved the deal, which was 
announced in May. The agreement called for each Santa Fe Snyder common share 
to be converted into 0.22 shares of Devon common stock. Conversion requires 
issuance of 40.6 million additional Devon common shares, resulting in total 
shares outstanding of 127.7 million. Former Santa Fe Snyder shareholders now 
own 32% of the combined company. Historical Devon shareholders own 68% of the 
combined company. The transaction will be accounted for as a pooling of 
interests. With merger completion, Devon now ranks among the top five 
U.S.-based independent oil and gas producers in terms of market 
capitalization, total proved reserves and annual production. The company has 
an enterprise value of $9 billion and proved reserves of 1.1 billion boe. The 
company expects to realize $30 million to $35 million in annual cost savings 
from the merger. Devon was added to the S&P 500 Index after the close of 
business yesterday.