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.

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