HOUSTON, March 19 /PRNewswire-FirstCall/ -- Marathon Oil Corporation
(NYSE: MRO) today announced that the Company was the apparent high bidder
on 15 blocks offered in the Central Gulf of Mexico Lease Sale No. 206
conducted by the Minerals Management Service (MMS). Representing a total
investment of approximately $121 million net to the Company, two blocks are
100 percent Marathon and the remaining 13 blocks were bid in conjunction
with partners.
The blocks cover approximately 86,000 acres (gross) in the deepwater
Gulf of Mexico, ranging in water depths from approximately 900 feet to
8,200 feet.
"Building upon Marathon's success at the October 2007 lease sale, these
new leases in the deepwater Gulf of Mexico help contribute to our strategy
for growing an inventory of prospects for future exploration activity.
Marathon will continue to focus on maintaining a diversified and balanced
exploration drilling program," said Phil Behrman, senior vice president
Worldwide Exploration for Marathon.
During the fourth quarter of 2007, Marathon was the high bidder on 27
blocks offered in the federal Outer Continental Shelf Lease Sale No. 205.
Representing a total investment of about $222 million net to the Company,
13 blocks were 100 percent Marathon and the remaining 14 blocks were bid in
conjunction with partners.
Marathon is an integrated international energy company engaged in
exploration and production; oil sands mining; integrated gas; and refining,
marketing and transportation operations. Marathon has principal operations
in the United States, Angola, Canada, 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,
2007, and in subsequent Forms 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: Howard Thill 713-296-4140
Chris Phillips 713-296-3213
Michol Ecklund 713-296-3919
SOURCE Marathon Oil Corporation
 back to top
Related links:
http://www.marathon.com/
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20051027/DATH029LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Media Relations, Lee Warren, +1-713-296-4103,
or Scott Scheffler, +1-713-296-4102; or Investor Relations,
Howard Thill, +1-713-296-4140, or Chris Phillips,
+1-713-296-3213, or Michol Ecklund, +1-713-296-3919, all of
Marathon Oil Corporation
|
