DevX Energy Announces Expiration Date Extension

Business Wire,  Oct 23, 2000  

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Business Editors

DALLAS--(BUSINESS WIRE)--Oct. 23, 2000

DevX Energy, Inc. (OTC BB: "QSRI"), formerly known as Queen Sand Resources, Inc., announces that it has extended its offer, dated September 1, 2000 and as amended on October 6, 2000, to purchase $75 million principal amount of its 12 1/2% Senior Notes due 2008. The Expiration Date has been extended to 5:00 p.m. New York City time on October 25, 2000.

As of the close of business on October 20, 2000, the holders of $104.3 million principal amount of Senior Notes had tendered and not withdrawn pursuant to the offer. The holders consenting represented more than the percentage of Notes required to effect the proposed amendments. Accordingly, the Company will execute the First Supplemental to Indenture, the terms of which are more fully described in the Company's Offer to Purchase and Consent Solicitation Statement.

DevX Energy, Inc. is an independent domestic oil and natural gas company established in 1994 to acquire, develop, operate and enhance oil and natural gas properties using conventional recovery techniques. DevX has interests in over 580 wells in six different hydrocarbon producing basins in the United States.

We make forward-looking statements in this document, and in our public documents to which we refer, that are subject to risks and uncertainties in addition to those set forth above. These forward-looking statements include information about possible or assumed future results of our operations. Also, when we use any of the words "believes," "expects," "anticipates" or similar expressions, we are making forward-looking statements. Many possible events or factors could affect our future financial results and performance. This could cause our results or performance to differ materially from those we express in our forward-looking statements. These and other risks are described in the Company's publicly filed documents and reports that are available from the Company and from the SEC.

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