OKLAHOMA CITY, Sept. 5 PRNewswire-FirstCall -- Devon Energy Corporation (NYSE: DVN) today announced the successful completion of an extended production test on the Jack #2 well on Walker Ridge block 758 in the Gulf of Mexico. Although complete details of this deepwater lower Tertiary well test remain confidential, the results fully met Devon's expectations.

The Jack test was designed to evaluate only a portion of the total pay interval. The well sustained flow rates of more than 6,000 barrels of oil per day. The tested interval was approximately 40 percent of the total net pay measured in the Jack #2 well. Devon and its co-owners plan to drill an additional appraisal well in 2007.

"The results of the Jack test are very encouraging. They further support our positive view of the lower Tertiary trend and demonstrate the growth potential of our high-impact exploration strategy on long-term production, reserves and value," said Stephen J. Hadden, senior vice president, exploration and production. "With 273 blocks under lease and 19 exploratory prospects already identified, Devon's lower Tertiary position could more than double our current reserve base of about two billion equivalent barrels in the coming years."

The Jack discovery on Walker Ridge block 759 was drilled in 2004. The discovery well encountered more than 350 net feet of pay. The Jack #2 well was drilled to delineate the discovery. Devon has a 25 percent working interest in Jack. Chevron Corporation (NYSE: CVX) is the operator with a 50 percent working interest and Statoil (OSE: STL) has the remaining 25 percent working interest.

Four Lower Tertiary Discoveries

Jack is one of four discoveries by Devon in the lower Tertiary trend of the deepwater Gulf of Mexico. The others are St. Malo drilled in 2003, Cascade drilled in 2002 and the 2006 Kaskida discovery.

On August 15, 2006, Devon announced that it had doubled its working interest in Cascade to 50 percent. Devon also announced plans for first production from Cascade in late 2009.

Kaskida, which was announced as a discovery on August 31, 2006, encountered approximately 800 net feet of hydrocarbon-bearing sands. Devon believes Kaskida is its largest lower Tertiary discovery to date. Kaskida, about 80 miles northwest of Jack, is the company's first discovery in the Keathley Canyon lease area where Devon has identified 12 additional exploratory prospects.