HOUSTON, April 5 /PRNewswire-FirstCall/ -- Ocean Energy, Inc. (NYSE: OEI)
and Kerr-McGee Corp. (NYSE: KMG) announced today that they have entered into a
property swap with BHP Billiton covering acreage in the northeast section of
Atwater Valley near their Merganser discovery in the deepwater Gulf of Mexico.
The agreement calls for the two companies to exchange 33 percent of their
interests in 20 leases and 50 percent in two leases for 50 percent of BHP
Billiton's interest in 32 leases and 25 percent of BHP Billiton's interest in
two additional leases. The designated operators of the leases will remain the
same. Exploratory drilling on this combined acreage is expected to begin
later this year.
"This transaction advances our strategy of developing deepwater production
hubs similar to the successful hub formed by the Nansen, Boomvang, and Navajo
fields in the East Breaks complex," said John D. Schiller, Jr., Ocean Energy
executive vice president, exploration & production. "We are glad to be
joining forces with BHP Billiton in an expanded partnership around the
Merganser discovery."
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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