U.K. independent Dana Petroleum has bought the Egyptian assets of Devon Energy, in a deal that includes eight production-sharing contracts, it was announced Wednesday.

Dana will pay $375 million for Devon Egypt’s petroleum activity, which includes 12,000 barrels per day of production and $53 million in annual operating profit. By year-end 2006, Dana assets in Egypt were worth $242 million, including 13 producing fields.

Prolific Gulf of Suez and Western Desert acreage comes included, as do 30 million barrels of reserves.

The buy-up complements a 50-percent stake in the West El Burullus concession, offshore the Nile Delta (Gaz de France), 20-percent in the South Feiran concession and a yet-to-be-approved 25-percent stake in the North Ghara concession (BP), both in the Gulf of Suez.