KERR MCGEE FIND

Kerr McGee announced the discovery of oil in Bohai Bay Block 05/36 offshore China. This is the third discovery on the company’s 850,000 acre concession and the first on block 05/36. The CFD 12-1-1 well was drilled to a depth of 6,804 feet by China Offshore Northern Drilling Company's jackup, Bohai VII. The well tested in two selected zones in the Guantao formation with a combined flow rate of 2,562 barrels of oil per day. This well is located in approximately 70 feet of water. A second appraisal well to this discovery is planned for later this year. Kerr McGee is the operator of block 05/36 and holds a 50 percent interest, Pendaries Petroleum holds a 15 percent interest and Newfield Exploration holds the remaining 35 percent interest in the block.
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