|Wednesday, April 05, 2000
Kerr-McGee Corporation has acquired a fifty percent participation interest in Canadian 88 Energy Corporation's four exploration licenses offshore Nova Scotia, Canada. Canadian 88 Corporation will retain the other fifty percent interest. Under the terms of the agreement Kerr-McGee will become the operator and will pay to Canadian 88 Corporation $10.5 million (U.S.). The licenses are located approximately 100 miles from the Sable Island developments and are in water depths ranging from 500 to 9,200 feet. Exploratory drilling is expected to begin in 2002. The acquisition of this 1.5 million acres will increase Kerr-McGee's offshore acreage to 18 million acres in deepwater areas around the world.