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October 15, 2007 at 5:48 pm #3917
HOUSTON, Oct 03, 2007 /PRNewswire-FirstCall via COMTEX News Network/ — Marathon Oil Corporation (NYSE: MRO) today announced that the Company was the apparent high bidder on 27 blocks offered in the federal Outer Continental Shelf Lease Sale No. 205 conducted by the Minerals Management Service (MMS). Representing a total investment of $221.7 million net to the Company, 13 blocks are 100 percent Marathon and the remaining 14 blocks were bid in conjunction with partners.
The blocks cover approximately 153,000 acres (gross) in the deepwater Gulf of Mexico, ranging in water depths from approximately 1,450 feet to 8,350 feet.
“These new leases will complement our current portfolio of prospects and further strengthen Marathon’s exploration commitment in the deepwater Gulf of Mexico,” said Phil Behrman, senior vice president Worldwide Exploration for Marathon.
During the second quarter of 2007, Marathon announced the Droshky discovery (100 percent working interest) in the Gulf of Mexico. In addition, Marathon entered into a two year contract for a new deepwater semi submersible drilling rig for Gulf of Mexico activity, which should commence in late 2009 or early 2010. During the fourth quarter of 2007, Marathon plans to commence an exploration well on the Flathead Prospect (100 percent working interest) and will participate in an appraisal well on the Stones discovery (30 percent working interest).
Marathon is an integrated international energy company engaged in exploration and production; integrated gas; and refining, marketing and transportation operations. Marathon has principal operations in the United States, Angola, Equatorial Guinea, Gabon, Indonesia, Ireland, Libya, Norway and the United Kingdom. Marathon is the fourth largest United States-based integrated oil company and the nation’s fifth largest refiner. For more information on Marathon Oil Corporation, visit the Company’s Web site at http://www.Marathon.com.
This news release contains forward-looking statements concerning the possibility of a significant new resource base and anticipated future exploratory and development drilling activity. These forward-looking statements may be affected by a number of factors or are based on a number of assumptions, including, among others, pricing, supply and demand for petroleum products, amount of capital available for exploration and development, regulatory constraints, timing of commencing production from new wells, drilling rig availability, unforeseen hazards such as weather conditions, presently known data concerning size and character of reservoirs, economic recoverability, future drilling success, production experience, acts of war or terrorist acts and the governmental or military response thereto, and other geological, operating and economic considerations. In accordance with “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Marathon Oil Corporation has included in its Annual Report on Form 10-K for the year ended December 31, 2006, and in subsequent Forms 10-Q and 8-K, cautionary language identifying other important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements.
Media Relations Contacts:
Lee Warren 713-296-4103
Scott Scheffler 713-296-4102
Investor Relations Contacts:
Ken Matheny 713-296-4114
Howard Thill 713-296-4140
Michol Ecklund 713-296-3919
SOURCE Marathon Oil Corporation
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