OKLAHOMA CITY, Dec. 11 /PRNewswire-FirstCall/ -- Devon Energy
Corporation (NYSE: DVN) today announced an oil discovery with the Mission
Deep well on Green Canyon block 955. The discovery well encountered more
than 250 feet of net oil pay in the primary middle Miocene objective. The
well, in approximately 7,300 feet of water, was drilled to a total depth of
approximately 25,000 feet. Future plans include deepening the well to a
secondary objective and drilling a sidetrack well to further delineate the
extent of the reservoir.
"We are very pleased to have a Miocene discovery to cap the string of
successes we announced in the deeper lower Tertiary trend in 2006," said
Stephen J. Hadden, senior vice president, exploration and production. "With
15 additional prospects in our Miocene inventory and nearly 20 lower
Tertiary prospects, we are very optimistic about continued success from our
Gulf exploration program in 2007 and beyond. On a net un-risked basis, our
deepwater Gulf prospect inventory represents up to seven billion barrels of
resource potential."
Devon has a 50 percent working interest in Mission Deep. The well is
operated by Anadarko Petroleum (NYSE: APC), which also has a 50 percent
working interest. Devon is paying 100 percent of the cost of the well
pursuant to the terms of a joint venture agreement entered into with Kerr-
McGee Corporation prior to its acquisition by Anadarko. Mission Deep is the
final well subject to the joint venture.
Devon Energy Corporation is an Oklahoma City-based independent energy
company engaged in oil and gas exploration and production. Devon is one of
the world's leading 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 forecasts, estimates, expectations and objectives for future
operations. Such statements are subject to a number of assumptions, risks
and uncertainties, many of which are beyond the control of the company.
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
 back to top
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
|
