OKLAHOMA CITY, Aug. 31 /PRNewswire-FirstCall/ -- Devon Energy
Corporation (NYSE: DVN) today announced an oil discovery with the Kaskida
well on Keathley Canyon block 292 in about 5,860 feet of water. Kaskida,
which was drilled to a total depth of approximately 32,500 feet,
encountered approximately 800 net feet of hydrocarbon-bearing sands.
"Kaskida is Devon's fourth significant discovery in the lower Tertiary
trend in the Gulf of Mexico, and we believe it is our largest to date,"
said Stephen J. Hadden, senior vice president, exploration and production.
"Of special interest to us is the discovery's location in the Keathley
Canyon area where we hold 108 lease blocks and have identified 12
exploratory prospects in addition to Kaskida."
Devon has a 20 percent working interest in Kaskida. The well is
operated by BP Exploration & Production Inc. with a 55 percent working
interest and Anadarko (NYSE: APC) has a 25 percent working interest. Devon
and its co- owners expect to resume operations on the block in late 2006.
Devon Energy Corporation is an Oklahoma City-based independent energy
company engaged in oil and gas exploration, production and property
acquisitions. Devon is one of the larger independent oil and gas producers
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 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. Such statements are
subject to a number of assumptions, risks and uncertainties, many of which
are beyond the control of the company. Statements regarding future
production and resource potential are subject to all of the risks and
uncertainties normally incident to the exploration for and development and
production of oil and gas. These risks include, but are not limited to,
inflation or lack of availability of goods and services, environmental
risks, drilling risks and regulatory changes. Investors are cautioned that
any such statements are not guarantees of future performance and that
actual results or developments may differ materially from those projected
in the forward-looking statements.
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, Brian Engel, +1-405-228-7750, both of Devon Energy
Corporation
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