Devon Energy Corporation, U. S. Oil and gas producer, on Tuesday, announced that it has agreed on a deal with Danish shipping and oil group A. P. Moller-Maersk, to sell its stake in three Gulf of Mexico oil fields.

Under the deal, Maersk will purchase stake in Cascade, Jack and St. Malo oilfields of Devan Energy for $1.3 billion in cash. The purchase will involve a 50% stake in the Cascade field and a 25% stake in both Jack as well as St. Malo oilfields. The deal will be effective from January 1, 2010, and expected to complete on or before February 1, 2010.

Moller-Maersk said that it is planning to invest $1.3 to $1.8 billion more in these fields in the near future.

In a statement, Mr. John Richels, president Devon Energy, said that the deal was an important step of their plan to divest all of their Gulf of Mexico and international assets and relocate Devon again as a pure North American onshore company.

Mr. Richels added that the sales proceeds would be used to repay the debt and to invest in onshore assets.

In the last 52-week period, DVN shares have been trading between $38.55 to $73.12 on the New York Stock Exchange (NYSE).