Jack 2 is a test well in the deep waters of the Gulf of Mexico (Walker Ridge Block 758) that successfully extracted oil from the Paleogene area of the Gulf in the second quarter of 2006. The field owners Chevron, Devon Energy and Norway's Statoil drilled to about 20,000 ft below the sea floor, the wellhead being 7000 ft below sea-level, for a total depth of 28,125 feet. Oil flowed at more than 6000 oilbbl per day. At the time, it was the deepest ever successful test well in the Gulf of Mexico to date. Jack 2 is a joint venture between Chevron Corporation (50%), Devon Energy (25%), and StatoilHydro (25%). Most oil in the Gulf of Mexico is found on a continental shelf in less than 1,700 ft of water. Oil was known to exist in the deeper waters of the Gulf between 5,000 and 10,000 ft, but it had yet to be proven that enough could be extracted to make the venture economically successful. The Jack 2 well is 175 mi offshore in more than 7,000 ft of water. The oil was extracted after drilling through more than 20,000 ft of rock beneath the ocean floor. Jack 2 proved the existence of a new play in the deepwater Gulf of Mexico. The estimated oil reserves the play could contain range between 3 Goilbbl and 15 Goilbbl. News of the find was credited for contributing to a drop in crude oil prices. The maximum estimate of 15 Goilbbl represents half of the total current estimate of U.S. reserves, equal to slightly less than two years of U.S. consumption at present levels.