Devon Wins Barreirinhas Basin Deepwater Block

Devon Energy Corporation was a successful bidder in Brazil's fourth licensing round in Rio de Janeiro. Upon contract signing, Devon will acquire a 100 percent interest in the 539,000-acre BAR-3 deepwater block in the Barreirinhas Basin for a total price of $2.5 million.

Devon acquired the BAR-3 block as part of its South Atlantic Margin deepwater exploration strategy. The block complements Devon's existing deepwater holdings in Ghana, Gabon and Congo West Africa. The BAR-3 block carries a work obligation of $2 million for seismic within the first three years. Devon expects to utilize both 2D and 3D seismic data to develop several identified exploratory leads into drilling prospects on the BAR-3 block over the next two years.