Kerr-McGee High Bidder on 16 Deepwater Leases



Kerr-McGee and partners were high bidders on 16 deepwater leases in today's Western Gulf of Mexico lease sale 196. The company's net total exposure for all high bids is approximately $4.5 million. The bids are subject to approval by the U.S. Interior Department's Minerals Management Service. Kerr-McGee will be designated operator of all of the high-bid leases, with an average working interest of approximately 73%.

With the new leases, Kerr-McGee will hold interests in 571 leases in the deepwater Gulf of Mexico and will operate more than 76% of these leases with an average working interest of 57%. Award of the 16 high-bid leases would increase the company's total undeveloped lease holdings in the deepwater gulf by approximately 92,000 gross acres to nearly 3 million.

RELATED COMPANIES
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.