HOUSTON, Oct. 14 /PRNewswire-FirstCall/ -- Marathon Oil Corporation
(NYSE: MRO) announced today that it has participated in a successful
discovery well on the Freedom/Gunflint prospect, located on Mississippi
Canyon Block 948, in the deepwater Gulf of Mexico.
The Freedom well is located approximately 160 miles southeast of New
Orleans, La., and was drilled in about 6,100 feet of water, to a total
depth of approximately 29,280 feet. The well encountered more than 550 feet
of net hydrocarbon-bearing sands in the Middle and Lower Miocene
reservoirs.
"We're encouraged by the results of the Freedom discovery well, which
adds to Marathon's strong Gulf of Mexico portfolio," said Annell Bay,
Marathon senior vice president for Worldwide Exploration.
Marathon currently has plans to participate in about three significant
exploration wells a year through 2012, along with a number of development
wells associated with its Droshky discovery which is expected to be
sanctioned later this year. Marathon holds a 100 percent working interest
in the Droshky discovery located on Green Canyon Block 244.
Marathon owns a 12.5 percent working interest in Mississippi Canyon
Block 948. Noble Energy Inc. holds a 37.5 percent working interest in the
well and will serve as operator for the block. BP Exploration & Production
Inc. operated the exploration well with 25 percent working interest and
Samson Offshore Company owns the remaining 25 percent working interest.
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, visit the Company's Web site at
http://www.marathon.com .
This news release contains forward-looking statements concerning the
Freedom discovery and anticipated future development and 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, unforeseen hazards such as weather conditions,
acts of war or terrorist acts and the governmental or military response
thereto, and other geological, operating and economic considerations. In
accordance with the "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 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
Paul Weeditz 713-296-3910
Investor Relations Contacts: Howard Thill 713-296-4140
Chris Phillips 713-296-3213
Michol Ecklund 713-296-3919
SOURCE Marathon Oil Corporation
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Related links:
http://www.marathon.com
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CONTACT:
Media Relations: Lee Warren, +1-713-296-4103,
Paul Weeditz, +1-713-296-3910, Investor Relations: Howard Thill,
+1-713-296-4140, Chris Phillips, +1-713-296-3213, Michol Ecklund,
+1-713-296-3919, all of Marathon Oil Corporation
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