HOUSTON, April 5 /PRNewswire-FirstCall/ -- Ocean Energy, Inc. (NYSE: OEI)
and Kerr-McGee Corp. (NYSE: KMG) announced today a deepwater discovery at
their Merganser prospect in Atwater Valley Block 37 in the Gulf of Mexico.
Both companies hold a 50 percent working interest in the block operated by
Kerr-McGee.
The OCS 21826 #1 exploratory well was drilled to 21,268 feet encountering
approximately 150 feet of gas pay in 7,900 feet of water. Gross estimated
reserve potential is from 200 to 400 billion cubic feet of gas equivalent.
Ocean and Kerr-McGee expect to drill an appraisal well later this year to
further evaluate the size of the Merganser field.
"This discovery demonstrates our ability to deliver continued exploratory
success and leverage our growing portfolio in the deepwater of the Gulf of
Mexico," said John D. Schiller, Jr., Ocean Energy executive vice president,
exploration & production.
Merganser was drilled under the deepwater exploratory drilling joint
venture between Kerr-McGee and Ocean that calls for the two companies to
jointly explore and develop oil and gas prospects on more than one million
undeveloped acres in the deepwater Gulf of Mexico.
Ocean Energy, Inc. is an independent energy company engaged in the
exploration, development, production, and acquisition of crude oil and natural
gas. North American operations are focused in the shelf and deepwater areas
of the Gulf of Mexico, the Rocky Mountains, Permian Basin, Arklatex, Anadarko,
East Texas and the Gulf Coast regions. Internationally, Ocean holds a leading
position among U.S. independents in West Africa with oil and gas activities in
Equatorial Guinea, Angola and Cote d'Ivoire. The company also conducts
operations in Egypt, the Russian Republic of Tatarstan, Brazil, Pakistan, and
Indonesia.
Certain statements in this news release regarding future expectations,
plans for acquisitions, dispositions, and oil and gas reserves, exploration,
development, production and pricing may be regarded as "forward-looking
statements" within the meaning of the Securities Litigation Reform Act. They
are subject to various risks, such as operating hazards, drilling risks, the
inherent uncertainties in interpreting engineering data relating to
underground accumulations of oil and gas, as well as other risks discussed in
detail in the company's periodic reports and other documents filed with the
SEC. Actual results may vary materially.
SOURCE Ocean Energy, Inc.
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Related links:
http://www.oceanenergy.com
Company News On-Call:
http://www.prnewswire.com/comp/913463.html
CONTACT:
financial, Bruce Busmire, +1-713-265-6161, or
media, Janice Aston White, +1-713-265-6164, both of Ocean Energy,
Inc.
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