OKLAHOMA CITY, Oklahoma --Devon Energy Corp. has exercised its right to puchase its proportionate share of Anadarko Petroleum's interest in Kaskida in deepwater Gulf of Mexico. The extra 6.67% brings Devon's total working interest to 26.67%.
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.
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."