Kerr-McGee Wins Block Offshore Trinidad and Tobago

Kerr-McGee Oil & Gas, through its affiliate, A.E.P. Ltd., was the successful bidder on block 3(b) in a proven geologic trend offshore Trinidad and Tobago. Award of the block, which encompasses nearly 160,000 acres in water depths ranging from 130 feet to 3,000 feet, is subject to successful contract negotiations. Kerr- McGee will be operator, with 75% interest. Primera Energy Resources Limited, a local, wholly owned subsidiary of CL Financial Limited, will own the remaining 25% interest.

"We continue to enhance our global opportunities with new acreage in proven hydrocarbon basins," said Dave Hager, Kerr-McGee senior vice president responsible for oil and gas exploration and production. "This acreage is located along the same trend as the Angostura oil and gas field currently under development."

Kerr-McGee will begin planning for acquisition and evaluation of 3-D seismic of this area upon completion of the contract.

With the addition of this block, Kerr-McGee will hold interests in more than 61 million undeveloped acres worldwide, with more than 90% in deepwater trends.