OKLAHOMA CITY, April 22 /PRNewswire-FirstCall/ -- Devon Energy
Corporation (NYSE: DVN) announced today that it has increased its ownership
in the Kaskida Unit in the deepwater Gulf of Mexico. Kaskida is the site of
a significant oil discovery. Devon exercised a preferential right to
purchase its proportionate share of unit-partner Anadarko Petroleum's
interest in Kaskida. By exercising its preferential right, Devon has
purchased an additional 6.67 percent working interest in the Kaskida Unit,
bringing the company's total working interest in Kaskida to 26.67 percent.
"We are pleased to have an opportunity to increase our ownership in the
Kaskida discovery," said Stephen J. Hadden, senior vice president,
exploration and production. "The Lower Tertiary trend is an important part
of Devon's long-term exploration program, and we believe Kaskida is the
largest of our four Lower Tertiary discoveries to date. We expect to begin
producing oil from the Lower Tertiary trend in 2010 from our Cascade
discovery."
The 51,800-acre Kaskida Unit covers nine blocks in the Keathley Canyon
deepwater lease area of the Gulf of Mexico. The 2006 Kaskida discovery well
encountered approximately 800 net feet of hydrocarbon-bearing sands.
Devon has established one of the largest lease positions in the Lower
Tertiary trend with ownership in nearly 200 blocks. On these leases the
company has currently identified an inventory of 20 exploratory drilling
prospects.
In addition to Devon's 26.67 percent working interest, BP Exploration &
Production Inc. has a 73.33 percent working interest in the Kaskida Unit.
BP is the operator of the Kaskida Unit.
Devon Energy Corporation is an Oklahoma City-based independent energy
company engaged in oil and gas exploration and production. Devon is the
largest U.S.-based independent oil and gas producer and is included in the
S&P 500 Index. For additional information, visit
http://www.devonenergy.com.
This press release includes "forward-looking statements" as defined by
the Securities and Exchange Commission. Such statements are those
concerning the strategic plans, expectations and objectives for future
operations. All statements, other than statements of historical facts,
included in this press release that address activities, events or
developments that the company expects, believes or anticipates will or may
occur in the future are forward- looking statements. These statements are
based on certain assumptions made by the company based on its experience
and perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the
circumstances. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of the
company.
The United States Securities and Exchange Commission permits oil and
gas companies, in their filings with the SEC, to disclose only proved
reserves that a company has demonstrated by actual production or conclusive
formation tests to be economically and legally producible under existing
economic and operating conditions. This release may contain certain terms,
such as resource potential, net feet of hydrocarbon-bearing sands, reserve
potential, probable reserves, possible reserves and exploration target
size. The SEC guidelines strictly prohibit us from including these terms in
filings with the SEC. U.S. investors are urged to consider closely the
disclosure in our Form 10-K, File No. 001-32318, available from us at Devon
Energy Corporation, Attn. Investor Relations, 20 North Broadway, Oklahoma
City, OK 73102. You can also obtain this form from the SEC by calling
1-800-SEC-0330.
SOURCE Devon Energy Corporation
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Related links:
http://www.devonenergy.com
http://www.prnewswire.com/comp/118040.html/
CONTACT:
Investors, Zack Hager, +1-405-552-4526, or
Media, Chip Minty, +1-405-228-8647, both of Devon Energy
Corporation
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