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These excerpts taken from the DVN 10-K filed Feb 27, 2009. U.S.
Offshore
Deepwater Producing — Our assets in the Gulf of
Mexico include three significant producing
properties — Magnolia, Merganser and
Nansen — located in deep water (greater than
600 feet). We have a 50% working interest in Merganser and
Nansen and a 25% working interest in Magnolia. The three fields
are located on federal leases and total approximately
23,000 net acres. The properties produce both oil and gas.
Deepwater Development — In addition to our
three significant deepwater producing properties, we will
continue development activities on our deepwater Cascade project
throughout 2009. Cascade was discovered in 2002 and is located
on federal leases encompassing approximately 12,000 net
acres. We have a 50% working interest in Cascade. Production
from Cascade, which will be primarily oil, is expected to begin
in 2010. Cascade will be the first project in the Gulf to
utilize an FPSO.
Deepwater Exploration — Our exploration program
in the Gulf of Mexico is focused primarily on deepwater
opportunities. Our deepwater exploratory prospects include
Miocene-aged objectives (five million to 24 million years)
and older and deeper Lower Tertiary objectives. We hold federal
leases comprising approximately one million net acres in our
deepwater exploration inventory.
In 2006, a successful production test of the Jack
No. 2 well provided evidence that our Lower Tertiary
properties may be a source of meaningful future reserve and
production growth. Through 2008, we have drilled four discovery
wells in the Lower Tertiary. These include Cascade in 2002 (see
“Deepwater Development” above), St. Malo in 2003, Jack
in 2004 and Kaskida in 2006. We currently hold 161 blocks in the
Lower Tertiary and we have identified 21 additional prospects to
date.
At St. Malo, in which our working interest is 25%, we drilled
two delineation wells in 2008. At Jack, where our working
interest is 25%, we drilled a second appraisal well in 2008. A
sidetrack appraisal well was drilled on the Kaskida unit in 2008
and we commenced an additional delineation well in late 2008.
Our working interest in Kaskida is 30%, and we believe Kaskida
is the largest of our four Lower Tertiary discoveries to date.
Also in 2008, we participated in a sidetrack delineation well on
the Miocene-aged Mission Deep discovery in which we have a 50%
working interest. We have identified 14 additional prospects in
our deepwater Miocene inventory to date.
In total, we drilled seven exploratory and appraisal wells in
the deepwater Gulf of Mexico in 2008. Our working interests in
these exploratory opportunities range from 25% to 50%. In 2009,
we will continue to perform additional delineation drilling and
continue to plan the development of Jack and St. Malo.
U.S.
Offshore
Deepwater Producing — Our assets in the Gulf of
Mexico include three significant producing
properties — Magnolia, Merganser and
Nansen — located in deep water (greater than
600 feet). We have a 50% working interest in Merganser and
Nansen and a 25% working interest in Magnolia. The three fields
are located on federal leases and total approximately
23,000 net acres. The properties produce both oil and gas.
Deepwater Development — In addition to our
three significant deepwater producing properties, we will
continue development activities on our deepwater Cascade project
throughout 2009. Cascade was discovered in 2002 and is located
on federal leases encompassing approximately 12,000 net
acres. We have a 50% working interest in Cascade. Production
from Cascade, which will be primarily oil, is expected to begin
in 2010. Cascade will be the first project in the Gulf to
utilize an FPSO.
Deepwater Exploration — Our exploration program
in the Gulf of Mexico is focused primarily on deepwater
opportunities. Our deepwater exploratory prospects include
Miocene-aged objectives (five million to 24 million years)
and older and deeper Lower Tertiary objectives. We hold federal
leases comprising approximately one million net acres in our
deepwater exploration inventory.
In 2006, a successful production test of the Jack
No. 2 well provided evidence that our Lower Tertiary
properties may be a source of meaningful future reserve and
production growth. Through 2008, we have drilled four discovery
wells in the Lower Tertiary. These include Cascade in 2002 (see
“Deepwater Development” above), St. Malo in 2003, Jack
in 2004 and Kaskida in 2006. We currently hold 161 blocks in the
Lower Tertiary and we have identified 21 additional prospects to
date.
At St. Malo, in which our working interest is 25%, we drilled
two delineation wells in 2008. At Jack, where our working
interest is 25%, we drilled a second appraisal well in 2008. A
sidetrack appraisal well was drilled on the Kaskida unit in 2008
and we commenced an additional delineation well in late 2008.
Our working interest in Kaskida is 30%, and we believe Kaskida
is the largest of our four Lower Tertiary discoveries to date.
Also in 2008, we participated in a sidetrack delineation well on
the Miocene-aged Mission Deep discovery in which we have a 50%
working interest. We have identified 14 additional prospects in
our deepwater Miocene inventory to date.
In total, we drilled seven exploratory and appraisal wells in
the deepwater Gulf of Mexico in 2008. Our working interests in
these exploratory opportunities range from 25% to 50%. In 2009,
we will continue to perform additional delineation drilling and
continue to plan the development of Jack and St. Malo.
U.S. Offshore Deepwater Producing — Our assets in the Gulf of Mexico include three significant producing properties — Magnolia, Merganser and Nansen — located in deep water (greater than 600 feet). We have a 50% working interest in Merganser and Nansen and a 25% working interest in Magnolia. The three fields are located on federal leases and total approximately 23,000 net acres. The properties produce both oil and gas. Deepwater Development — In addition to our three significant deepwater producing properties, we will continue development activities on our deepwater Cascade project throughout 2009. Cascade was discovered in 2002 and is located on federal leases encompassing approximately 12,000 net acres. We have a 50% working interest in Cascade. Production from Cascade, which will be primarily oil, is expected to begin in 2010. Cascade will be the first project in the Gulf to utilize an FPSO. Deepwater Exploration — Our exploration program in the Gulf of Mexico is focused primarily on deepwater opportunities. Our deepwater exploratory prospects include Miocene-aged objectives (five million to 24 million years) and older and deeper Lower Tertiary objectives. We hold federal leases comprising approximately one million net acres in our deepwater exploration inventory. In 2006, a successful production test of the Jack No. 2 well provided evidence that our Lower Tertiary properties may be a source of meaningful future reserve and production growth. Through 2008, we have drilled four discovery wells in the Lower Tertiary. These include Cascade in 2002 (see “Deepwater Development” above), St. Malo in 2003, Jack in 2004 and Kaskida in 2006. We currently hold 161 blocks in the Lower Tertiary and we have identified 21 additional prospects to date. At St. Malo, in which our working interest is 25%, we drilled two delineation wells in 2008. At Jack, where our working interest is 25%, we drilled a second appraisal well in 2008. A sidetrack appraisal well was drilled on the Kaskida unit in 2008 and we commenced an additional delineation well in late 2008. Our working interest in Kaskida is 30%, and we believe Kaskida is the largest of our four Lower Tertiary discoveries to date. Also in 2008, we participated in a sidetrack delineation well on the Miocene-aged Mission Deep discovery in which we have a 50% working interest. We have identified 14 additional prospects in our deepwater Miocene inventory to date. In total, we drilled seven exploratory and appraisal wells in the deepwater Gulf of Mexico in 2008. Our working interests in these exploratory opportunities range from 25% to 50%. In 2009, we will continue to perform additional delineation drilling and continue to plan the development of Jack and St. Malo. U.S. Offshore Deepwater Producing — Our assets in the Gulf of Mexico include three significant producing properties — Magnolia, Merganser and Nansen — located in deep water (greater than 600 feet). We have a 50% working interest in Merganser and Nansen and a 25% working interest in Magnolia. The three fields are located on federal leases and total approximately 23,000 net acres. The properties produce both oil and gas. Deepwater Development — In addition to our three significant deepwater producing properties, we will continue development activities on our deepwater Cascade project throughout 2009. Cascade was discovered in 2002 and is located on federal leases encompassing approximately 12,000 net acres. We have a 50% working interest in Cascade. Production from Cascade, which will be primarily oil, is expected to begin in 2010. Cascade will be the first project in the Gulf to utilize an FPSO. Deepwater Exploration — Our exploration program in the Gulf of Mexico is focused primarily on deepwater opportunities. Our deepwater exploratory prospects include Miocene-aged objectives (five million to 24 million years) and older and deeper Lower Tertiary objectives. We hold federal leases comprising approximately one million net acres in our deepwater exploration inventory. In 2006, a successful production test of the Jack No. 2 well provided evidence that our Lower Tertiary properties may be a source of meaningful future reserve and production growth. Through 2008, we have drilled four discovery wells in the Lower Tertiary. These include Cascade in 2002 (see “Deepwater Development” above), St. Malo in 2003, Jack in 2004 and Kaskida in 2006. We currently hold 161 blocks in the Lower Tertiary and we have identified 21 additional prospects to date. At St. Malo, in which our working interest is 25%, we drilled two delineation wells in 2008. At Jack, where our working interest is 25%, we drilled a second appraisal well in 2008. A sidetrack appraisal well was drilled on the Kaskida unit in 2008 and we commenced an additional delineation well in late 2008. Our working interest in Kaskida is 30%, and we believe Kaskida is the largest of our four Lower Tertiary discoveries to date. Also in 2008, we participated in a sidetrack delineation well on the Miocene-aged Mission Deep discovery in which we have a 50% working interest. We have identified 14 additional prospects in our deepwater Miocene inventory to date. In total, we drilled seven exploratory and appraisal wells in the deepwater Gulf of Mexico in 2008. Our working interests in these exploratory opportunities range from 25% to 50%. In 2009, we will continue to perform additional delineation drilling and continue to plan the development of Jack and St. Malo. These excerpts taken from the DVN 10-K filed Jun 9, 2008. U.S.
Offshore
Deepwater Producing — Our assets in the Gulf of
Mexico include four significant producing
properties — Magnolia, Merganser, Nansen and Red Hawk
— located in deep water (greater than 600 feet).
We have a 50% working interest in these properties. They are
located on federal leases and total approximately
46,000 net acres. The properties produce both oil and
natural gas.
Deepwater Development — In addition to our four
significant deepwater producing properties, we are in the
process of developing our deepwater Cascade project discovered
in 2002. Cascade is located on federal leases encompassing
approximately 12,000 net acres. We have a 50% working
interest in Cascade. In 2007, we sanctioned development plans
and awarded various service and facility contracts including
contracts for an FPSO and shuttle tankers. The first of two
development wells is planned for 2008. Production from Cascade,
which will be primarily oil, is expected to begin in 2010.
Deepwater Exploration — Our exploration program
in the Gulf of Mexico is focused primarily on deepwater
opportunities. Our deepwater exploratory prospects include
Miocene-aged objectives (five million to 24 million years)
and older and deeper Lower Tertiary objectives. We hold federal
leases comprising approximately one million net acres in our
deepwater exploration inventory.
In 2006, a successful production test of the Jack
No. 2 well provided evidence that our Lower Tertiary
properties may be a source of meaningful future reserve and
production growth. Through 2007, we have drilled four discovery
wells in the Lower Tertiary. These include Cascade in 2002 (see
“Deepwater Development” above), St. Malo in 2003, Jack
in 2004 and Kaskida in 2006. We currently hold 194 blocks in the
Lower Tertiary and we have identified 21 additional prospects to
date.
At St. Malo, in which our working interest is 22.5%, we expect
to complete two delineation wells in 2008. At Jack, where our
working interest is 25%, we expect to complete a second
appraisal well in early 2008. A second well (Cortez Bank) was
drilled on the Kaskida unit in 2007 and other well operations
are
Table of Contents
planned for 2008. Our working interest in Kaskida is 20%, and we
believe Kaskida is the largest of our four Lower Tertiary
discoveries to date. The Kaskida discovery was our first in the
Keathley Canyon deepwater lease area. Of our additional 21 Lower
Tertiary exploration prospects we have identified, 15 are on our
Keathley Canyon acreage.
Also in 2007, we participated in a delineation well on the
Miocene-aged Mission Deep prospect in which we have a 50%
working interest. We have identified 15 additional prospects in
our deepwater Miocene inventory to date.
In total, we drilled one exploratory and one delineation well in
the deepwater Gulf of Mexico in 2007 and plan to drill between
10 and 12 such wells in 2008. Our working interests in these
exploratory opportunities range from 20% to 50%.
U.S. Offshore Deepwater Producing — Our assets in the Gulf of Mexico include four significant producing properties — Magnolia, Merganser, Nansen and Red Hawk — located in deep water (greater than 600 feet). We have a 50% working interest in these properties. They are located on federal leases and total approximately 46,000 net acres. The properties produce both oil and natural gas. Deepwater Development — In addition to our four significant deepwater producing properties, we are in the process of developing our deepwater Cascade project discovered in 2002. Cascade is located on federal leases encompassing approximately 12,000 net acres. We have a 50% working interest in Cascade. In 2007, we sanctioned development plans and awarded various service and facility contracts including contracts for an FPSO and shuttle tankers. The first of two development wells is planned for 2008. Production from Cascade, which will be primarily oil, is expected to begin in 2010. Deepwater Exploration — Our exploration program in the Gulf of Mexico is focused primarily on deepwater opportunities. Our deepwater exploratory prospects include Miocene-aged objectives (five million to 24 million years) and older and deeper Lower Tertiary objectives. We hold federal leases comprising approximately one million net acres in our deepwater exploration inventory. In 2006, a successful production test of the Jack No. 2 well provided evidence that our Lower Tertiary properties may be a source of meaningful future reserve and production growth. Through 2007, we have drilled four discovery wells in the Lower Tertiary. These include Cascade in 2002 (see “Deepwater Development” above), St. Malo in 2003, Jack in 2004 and Kaskida in 2006. We currently hold 194 blocks in the Lower Tertiary and we have identified 21 additional prospects to date. At St. Malo, in which our working interest is 22.5%, we expect to complete two delineation wells in 2008. At Jack, where our working interest is 25%, we expect to complete a second appraisal well in early 2008. A second well (Cortez Bank) was drilled on the Kaskida unit in 2007 and other well operations are
Table of Contentsplanned for 2008. Our working interest in Kaskida is 20%, and we believe Kaskida is the largest of our four Lower Tertiary discoveries to date. The Kaskida discovery was our first in the Keathley Canyon deepwater lease area. Of our additional 21 Lower Tertiary exploration prospects we have identified, 15 are on our Keathley Canyon acreage. Also in 2007, we participated in a delineation well on the Miocene-aged Mission Deep prospect in which we have a 50% working interest. We have identified 15 additional prospects in our deepwater Miocene inventory to date. In total, we drilled one exploratory and one delineation well in the deepwater Gulf of Mexico in 2007 and plan to drill between 10 and 12 such wells in 2008. Our working interests in these exploratory opportunities range from 20% to 50%. These excerpts taken from the DVN 10-K filed Feb 28, 2008. U.S.
Offshore
Deepwater Producing — Our assets in the Gulf of
Mexico include four significant producing
properties — Magnolia, Merganser, Nansen and Red Hawk
— located in deep water (greater than 600 feet).
We have a 50% working interest in these properties. They are
located on federal leases and total approximately
46,000 net acres. The properties produce both oil and
natural gas.
Deepwater Development — In addition to our four
significant deepwater producing properties, we are in the
process of developing our deepwater Cascade project discovered
in 2002. Cascade is located on federal leases encompassing
approximately 12,000 net acres. We have a 50% working
interest in Cascade. In 2007, we sanctioned development plans
and awarded various service and facility contracts including
contracts for an FPSO and shuttle tankers. The first of two
development wells is planned for 2008. Production from Cascade,
which will be primarily oil, is expected to begin in 2010.
Deepwater Exploration — Our exploration program
in the Gulf of Mexico is focused primarily on deepwater
opportunities. Our deepwater exploratory prospects include
Miocene-aged objectives (five million to 24 million years)
and older and deeper Lower Tertiary objectives. We hold federal
leases comprising approximately one million net acres in our
deepwater exploration inventory.
In 2006, a successful production test of the Jack
No. 2 well provided evidence that our Lower Tertiary
properties may be a source of meaningful future reserve and
production growth. Through 2007, we have drilled four discovery
wells in the Lower Tertiary. These include Cascade in 2002 (see
“Deepwater Development” above), St. Malo in 2003, Jack
in 2004 and Kaskida in 2006. We currently hold 194 blocks in the
Lower Tertiary and we have identified 21 additional prospects to
date.
At St. Malo, in which our working interest is 22.5%, we expect
to complete two delineation wells in 2008. At Jack, where our
working interest is 25%, we expect to complete a second
appraisal well in early 2008. A second well (Cortez Bank) was
drilled on the Kaskida unit in 2007 and other well operations
are
Table of Contents
planned for 2008. Our working interest in Kaskida is 20%, and we
believe Kaskida is the largest of our four Lower Tertiary
discoveries to date. The Kaskida discovery was our first in the
Keathley Canyon deepwater lease area. Of our additional 21 Lower
Tertiary exploration prospects we have identified, 15 are on our
Keathley Canyon acreage.
Also in 2007, we participated in a delineation well on the
Miocene-aged Mission Deep prospect in which we have a 50%
working interest. We have identified 15 additional prospects in
our deepwater Miocene inventory to date.
In total, we drilled one exploratory and one delineation well in
the deepwater Gulf of Mexico in 2007 and plan to drill between
10 and 12 such wells in 2008. Our working interests in these
exploratory opportunities range from 20% to 50%.
U.S. Offshore Deepwater Producing — Our assets in the Gulf of Mexico include four significant producing properties — Magnolia, Merganser, Nansen and Red Hawk — located in deep water (greater than 600 feet). We have a 50% working interest in these properties. They are located on federal leases and total approximately 46,000 net acres. The properties produce both oil and natural gas. Deepwater Development — In addition to our four significant deepwater producing properties, we are in the process of developing our deepwater Cascade project discovered in 2002. Cascade is located on federal leases encompassing approximately 12,000 net acres. We have a 50% working interest in Cascade. In 2007, we sanctioned development plans and awarded various service and facility contracts including contracts for an FPSO and shuttle tankers. The first of two development wells is planned for 2008. Production from Cascade, which will be primarily oil, is expected to begin in 2010. Deepwater Exploration — Our exploration program in the Gulf of Mexico is focused primarily on deepwater opportunities. Our deepwater exploratory prospects include Miocene-aged objectives (five million to 24 million years) and older and deeper Lower Tertiary objectives. We hold federal leases comprising approximately one million net acres in our deepwater exploration inventory. In 2006, a successful production test of the Jack No. 2 well provided evidence that our Lower Tertiary properties may be a source of meaningful future reserve and production growth. Through 2007, we have drilled four discovery wells in the Lower Tertiary. These include Cascade in 2002 (see “Deepwater Development” above), St. Malo in 2003, Jack in 2004 and Kaskida in 2006. We currently hold 194 blocks in the Lower Tertiary and we have identified 21 additional prospects to date. At St. Malo, in which our working interest is 22.5%, we expect to complete two delineation wells in 2008. At Jack, where our working interest is 25%, we expect to complete a second appraisal well in early 2008. A second well (Cortez Bank) was drilled on the Kaskida unit in 2007 and other well operations are
Table of Contentsplanned for 2008. Our working interest in Kaskida is 20%, and we believe Kaskida is the largest of our four Lower Tertiary discoveries to date. The Kaskida discovery was our first in the Keathley Canyon deepwater lease area. Of our additional 21 Lower Tertiary exploration prospects we have identified, 15 are on our Keathley Canyon acreage. Also in 2007, we participated in a delineation well on the Miocene-aged Mission Deep prospect in which we have a 50% working interest. We have identified 15 additional prospects in our deepwater Miocene inventory to date. In total, we drilled one exploratory and one delineation well in the deepwater Gulf of Mexico in 2007 and plan to drill between 10 and 12 such wells in 2008. Our working interests in these exploratory opportunities range from 20% to 50%. This excerpt taken from the DVN 10-K filed Feb 28, 2007. U.S. Offshore
Deepwater Producing — Our assets in the Gulf of
Mexico include four significant producing properties located in
deep water (greater than 600 feet). These properties are
Magnolia, Nansen, Red Hawk and Zia. They are all located on
federal leases and total approximately 48,000 net acres.
The properties produce both crude oil and natural gas. Our
working interest is 65% in Zia and 50% in each of the other
three properties.
Table of Contents
We drilled a total of two gross deepwater producing wells in
2006 and expect to drill four additional gross wells in 2007.
Deepwater Development — In addition to our four
significant deepwater producing properties, we are in the
process of developing two other deepwater projects, Merganser
and Cascade. Merganser and Cascade are located on federal leases
encompassing a total of approximately 11,500 net acres. We
have 50% working interests in both properties.
We drilled two producing wells at Merganser in 2006. These wells
are expected to commence producing natural gas in mid-2007. No
additional drilling is planned at Merganser.
We announced in 2006 our plans to develop the 2002 Cascade
discovery using an FPSO vessel. Cascade is expected to begin
producing primarily oil in late 2009. Additional drilling at
Cascade is in the planning stage.
Deepwater Exploration — Our exploration program
in the Gulf of Mexico is focused primarily on deepwater
opportunities. Our deepwater exploratory prospects include
Miocene-aged objectives (five million to 24 million years)
and older and deeper Lower Tertiary objectives. We hold federal
leases comprising approximately 1.2 million net acres in
our deepwater exploration inventory.
In 2006, various drilling and testing operations provided
evidence that our Lower Tertiary properties may be a source of
meaningful reserve and production growth in the future. Prior to
2006, we had drilled three discovery wells in the Lower
Tertiary. These include Cascade in 2002 (see “Deepwater
Development” above), St. Malo in 2003 and Jack in 2004.
Operations in 2006 included a successful production test of the
Jack No. 2 well and participation in the Kaskida discovery,
which is our fourth Lower Tertiary discovery. We currently hold
273 blocks in the Lower Tertiary and have identified 19
additional prospects to date.
At St. Malo, in which our working interest is 22.5%, we plan to
drill a second delineation well in late 2007 or early 2008. At
Jack, where our working interest is 25%, we continue to evaluate
with our partners our development options following the
successful production test in 2006.
In addition to the 2006 Kaskida discovery, a subsequent
sidetrack well at Kaskida was drilled in 2006 and another well
operation is planned for 2007. Our working interest in Kaskida
is 20%, and we believe Kaskida is the largest of our four Lower
Tertiary discoveries to date. The Kaskida discovery was our
first in the Keathley Canyon deepwater lease area. Twelve of the
19 additional Lower Tertiary exploratory prospects we have
identified to date are on our Keathley Canyon acreage.
Also in 2006, we participated in a Miocene discovery on the
Mission Deep prospect in which we have a 50% working interest.
We have fifteen additional prospects in our deepwater Miocene
inventory.
In total, we drilled three exploratory and delineation wells in
the deepwater Gulf of Mexico in 2006, and plan to drill six such
wells in 2007. Our working interests in these exploratory
opportunities range from 20% to 100%.
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