Devon Energy announces discovery

Devon Energy Corporation announced today a discovery on the Cascade prospect in the deepwater Gulf of Mexico. The discovery well is located on Walker Ridge block 206 in approximately 8,200 feet of water. It was drilled to a total depth of 27,929 feet.
The well encountered a potentially significant hydrocarbon bearing column. Additional drilling will be required to assess the full potential of the discovery. An appraisal well could be drilled later this year following analysis of core samples and other available information. Devon holds a 25 percent working interest in the Cascade prospect. BHP Billiton, the operator, has 50 percent working interest. Petrobras holds the remaining 25 percent working interest. Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration, production and property acquisitions. Devon ranks among the top five U.S.-based independent oil and gas producers and is included in the S&P 500 Index.

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