DevX Energy Announces Annual Meeting

Business Wire,  Sept 24, 2001  

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Business and Oil/Gas Editors

DALLAS--(BUSINESS WIRE)--Sept. 24, 2001

DevX Energy, Inc. (Nasdaq:DVXE) announces that its 2001 Annual Meeting will be held at 2:00 p.m. (CT) on Thursday, October 25, 2001, for shareholders of record as of the close of business on September 10, 2001. The meeting will be held in the Sun Room of the Northwood Club, 6524 Alpha Road, Dallas, Texas 75240.

The Company will present the following items for approval at the Annual Meeting:

(1) elect a new Board of Directors to serve until the next Annual

Meeting or until their successors are duly qualified and

elected;

(2) approve the DevX Energy, Inc. Amended and Restated Incentive

Equity Plan;

(3) approve the DevX Energy, Inc. Amended and Restated Directors'

Non-qualified Stock Option Plan; and

(4) ratify the appointment of Ernst and Young LLP as its

independent auditors for the fiscal year ending December 31,

2001.

DevX Energy, Inc. is an independent energy company engaged in the exploration, development, exploitation and acquisition of on-shore oil and natural gas properties in conventional producing areas of North America. Our properties are concentrated in five producing areas or basins and over 50% of our proved reserves are concentrated in south and east Texas.

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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