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                                                                 EXHIBIT 99.2

[DEVX ENERGY LETTERHEAD]

( BW)(TX-DEVX-ENERGY)(DVXE) DevX Energy Announces Stock Repurchase

Business and Oil/Gas Editors

DALLAS--(BUSINESS WIRE)--Sept. 4, 2001--DevX Energy, Inc., (Nasdaq:DVXE),
announced today that its Board of Directors has authorized a stock repurchase
program (the "Repurchase Program"). The Board of Directors authorized the
repurchase of up to 1 million shares of its outstanding common stock over a
period of approximately 16 months ending on December 31, 2002. DevX currently
has approximately 12.75 million shares of common stock outstanding. The Company
expects to fund the Repurchase Program from cash on hand. The Repurchase Program
will be implemented on the open market or in privately negotiated transactions
from time to time. Repurchases of stock will be at management's discretion,
depending upon price and availability. The repurchased shares will be held as
treasury shares, which may be used to satisfy DevX's current and near term
requirements under its equity incentive and other benefit plans and for other
corporate purposes. Joseph T. Williams, Chairman, President and Chief Executive
Officer of DevX Energy, Inc. commented, "We believe that our stock can present a
very attractive investment opportunity for the Company. The implementation of
the Repurchase Program serves to underscore our strong commitment to enhancing
shareholder value." Mr. Williams went on to state that "We also believe that the
four-part strategy announced on February 13, 2001 continues to be an appropriate
direction for the Company and our efforts to seek attractive merger and sale
opportunities will continue unabated while we pursue the Repurchase Program."
Mr. Williams noted that "the price at which we might agree to such a business
combination could be materially different from the price at which any particular
transaction or transactions may be executed under the Repurchase Program."

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 six 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.

CONTACT: DevX Energy, Inc.
William W. Lesikar, 972/233-9906
www.devxenergy.com