OKLAHOMA CITY, Sept. 30 /CNW/ -- Devon Energy Corporation (NYSE: DVN)
today announced the preliminary results of an exploratory pre-salt well in the
Campos Basin offshore Brazil. The 1-APL-1-ESS exploratory well on the Wahoo
prospect is located on block BM-C-30 in approximately 4,650 feet of water.
The Wahoo well is currently drilling at approximately 18,600 feet.
Preliminary results indicate the well encountered at least 150 feet of
potential net oil pay. The partners plan to conduct additional evaluations of
the well when it reaches its total targeted depth of approximately 20,000
feet. A drillstem test may be conducted at a later date.
"We are encouraged by what we have seen so far in the Wahoo well and look
forward to the results of additional testing and evaluation," said Stephen J.
Hadden, senior vice president of exploration and production. "Brazil has been
the site of some of the most promising recent deepwater oil discoveries in the
world. Devon has an active exploration program under way in Brazil with other
very attractive prospects nearing the drilling stage."
Devon has a 25 percent working interest in block BM-C-30. Anadarko
Petroleo Limitada, a wholly owned subsidiary of Anadarko, holds a 30-percent
working interest and is the operator of BM-C-30. EnCana Brasil Petroleo
Limitada (now owned by Bharat Petroleum Corporation Ltd., and Videocon
Industries Limited) holds a 25-percent working interest and SK do Brazil
Ltda., holds the remaining 20-percent working interest.
Block BM-C-30 is one of nine offshore exploratory blocks in Brazil in
which Devon has interests. The Deepwater Discovery drillship, currently under
long-term contract with Devon, is expected to arrive in Brazil and begin a
drilling campaign in January 2009. Devon expects to participate in nine
additional deepwater exploratory wells in Brazil in the next two years,
including up to five pre-salt targets. In mid 2009, Devon will drill a
pre-salt exploratory well on block BM-C-32, located approximately 16 miles
north of the 1-APL-1-ESS well and 11 miles southeast of Petrobras' Jubarte
Field. Anadarko and SK are also partners in block BM-C-32.
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, 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.
For further information:
For further information: Investors, Zack Hager, +1-405-552-4526, or
Media, Chip Minty, +1-405-228-8647, both of Devon Energy Corporation Web Site: