Anadarko Announces Deepwater Gulf of Mexico Discovery

THE WOODLANDS, Texas -- Anadarko Petroleum Corporation (NYSE:APC) has announced a Miocene discovery at the Samurai prospect in the deepwater Gulf of Mexico in Green Canyon block 432. The discovery well, located approximately 12 miles north of the Marco Polo platform, encountered more than 120 feet of net oil pay in several high-quality sands.

"Samurai marks our third discovery in the deepwater Gulf of Mexico this year," said Bob Daniels, Anadarko Sr. Vice President, Worldwide Exploration. "We are very pleased with the results of this initial well, which is located in close proximity to existing infrastructure, demonstrating the value of our hub-and-spoke approach. We look forward to drilling a sidetrack appraisal well within the next year. The continued success of our worldwide exploration program reinforces our expectations of discovering approximately 350 million BOE (barrels of oil equivalent) of net resources in 2009, which is a 50-percent increase from the expectations we communicated at our investor conference in March of this year."

Anadarko operates the block with a 33.33-percent working interest. Partners in the discovery include Murphy Oil Corporation (NYSE:MUR) and Samson Offshore Co., each with a 33.3-percent working interest.

The company also announced that it has entered into additional fixed-price natural gas swaps for June, July and August 2009 and increased its 2010 derivative positions for both crude oil and natural gas through costless, three-way collars.

Source: Anadarko Petroleum Corporation