EXHIBIT 5.1 February ___, 2002 Devon Financing Corporation, U.L.C. Devon Energy Corporation 20 North Broadway, Suite 1500 Oklahoma City, Oklahoma 73102 Re: Registration Statement on Form S-4 ---------------------------------- Ladies and Gentlemen: We have acted as special counsel for Devon Financing Corporation, U.L.C. (the "Company") and Devon Energy Corporation. (the "Guarantor") in connection with the preparation of a registration statement on Form S-4 (the "Registration Statement") being filed with the Securities and Exchange Commission relating to the registration of the Company's 6.875% Notes due 2011 (the "Notes") and its 7.875% Debentures due 2031 (the "Debentures," and together with the Notes, the "Securities") and the unconditional guarantees as to the payment of principal and interest on the Securities by the Guarantor (the "Guarantees"). Pursuant to the Registration Statement, the Company is offering to exchange (the "Exchange Offer") up to $1,750,000,000 aggregate principal amount of the Notes for a like amount of its outstanding 6.875% Notes due 2011 (the "Original Notes") and up to $1,250,000,000 aggregate principal amount of the Debentures for a like amount of its outstanding 7.875% Debentures due 2031 (the "Original Debentures", and together with the Original Notes, the "Original Securities") and to exchange the Guarantees for the unconditional guarantees as to the payment of principal and interest on the Original Securities by the Guarantor (the "Original Guarantees"). The Securities and the Guarantees will be issued upon consummation of the Exchange Offer. The Original Securities and Original Guarantees were, and the Securities and the Guarantees will be, issued pursuant to an indenture, dated as of October 3, 2001 (as amended, the "Indenture") among the Company, the Guarantor and The Chase Manhattan Bank, as trustee (the "Trustee"). In our capacity as counsel to the Company and the Guarantor we have examined (i) the Registration Statement, (ii) the Indenture and (iii) the originals, or copies identified to our satisfaction, of such corporate records of the Company and the Guarantor, certificates of public officials, officers of the Company and the Guarantor, and other persons, and such other documents, agreements and instruments as we have deemed necessary as a basis for the opinions hereinafter expressed. In our examination, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified, conformed or photostatic copies and the authenticity of the originals of such latter documents. As to any facts material to the opinions expressed herein which were not independently established or verified, we have relied upon oral or written statements and representations of officers and other representatives of the Company and the Guarantor and others. Our opinion set forth below is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the federal laws of the United States and we do not express any opinion herein concerning any other laws. Based on the foregoing, and having regard for such legal considerations as we have deemed relevant, we are of the opinion that when the Securities and the Guarantees have been duly authorized and executed by the Company and the Guarantor, respectively, the Securities (to which the Guarantees will be affixed) have been authenticated by the Trustee in accordance with the provisions of the Indenture and delivered to holders tendering into the Exchange Offer in accordance with the terms of the Exchange Offer as set forth in the Registration Statement, the Securities and the Guarantees will be legally issued and will constitute valid and binding obligations of the Company and the Guarantor, respectively, enforceable against the Company and the Guarantor, respectively, in accordance with their terms. The opinion set forth above is subject, as to enforcement, to (i) bankruptcy, insolvency (including, without limitation, all laws relating to fraudulent transfers), reorganization, moratorium or other similar laws relating to or affecting the enforcement of creditors' rights generally, (ii) general equitable principles (regardless of whether enforcement is considered in a proceeding in equity or at law) and (iii) provisions of law that require that a judgment for money damages rendered by a court in the United States be expressed only in United States dollars. In rendering the opinion set forth above, we have assumed that the Company has complied with all aspects of the laws of its jurisdiction of organization in connection with the issuance of the Securities. We hereby consent to the use of this opinion letter as an exhibit to the Registration Statement and to the use of our name under the heading "Legal Matters" in the prospectus included as part of the Registration Statement. Very truly yours, MAYER, BROWN, ROWE & MAW DAS