Kerr-McGee High Bidder on 16 GOM Blocks

Kerr-McGee Oil & Gas Corp. and partners were the high bidders on 16 blocks in today's eastern Gulf of Mexico lease sale 181. The company's net total exposure for all high bids was approximately $34.7 million. The bids are subject to approval by the U.S. Interior Department's Minerals Management Service.

"The leases we obtained in this sale, which was the first sale in this area in over a decade, give us a presence in new plays that complement our already outstanding deepwater gulf portfolio," said Luke R. Corbett, Kerr-McGee chairman and chief executive officer. "We will operate 60% of these high-bid blocks with an average working interest of about 63%, allowing us to continue to enhance our successful exploration and development program in the gulf."