Devon Energy Announces Pre-Salt Discovery Offshore Brazil

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Dec 17, 2009

Devon Energy Corporation (NYSE: DVN) today announced a pre-salt oil discovery on block BM-C-32 in the Campos Basin, offshore Brazil. This initial exploratory well on the Itaipu prospect was drilled to a total depth of 16,240 feet and encountered approximately 240 feet of oil column, at least 90 feet of net oil pay and no oil/water contact. Devon operates the well with a 40-percent working interest.

The Itaipu discovery is located 78 miles southeast of Vitoria City, Espirito Santo State, in 4,400 feet of water. It is approximately six miles southeast of the giant pre-salt Jubarte Field and 16 miles north of the 2008 Wahoo discovery on block BM-C-30. Devon has a 25-percent working interest in both the Wahoo discovery well and a successful appraisal well drilled at Wahoo earlier this year.

"With the addition of the Itaipu discovery to our previous success at Wahoo, we have created significant value in Brazil, while just beginning to explore our Campos Basin prospects," said David A. Hager, executive vice president of exploration and production. "As we move forward with plans to divest our international properties, we will continue to focus on maximizing the return on these assets to our shareholders."

Devon's partners in block BM-C-32 include Anadarko Petroleum Corporation with a 33.3-percent working interest. SK Energy Co., Ltd. holds the remaining 26.7-percent working interest.

Block BM-C-32 is one of seven offshore exploratory blocks in Brazil held by Devon, six of which are in the pre-salt trend. Devon has identified 20 prospects (including Wahoo and Itaipu) on its leases with net unrisked resource potential of 2 billion to 4 billion barrels of oil. The Deepwater Discovery drillship, currently under long-term contract to Devon, will be used for the 2010 exploration program which includes four planned wells on concession BM-C-34 as well as delineation of the Itaipu discovery.


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