HOUSTON, March 19 /PRNewswire-FirstCall/ -- Marathon Oil Corporation 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
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