July 15, 2008

ExxonMobil Awards Contracts for Point Thomson Well Development Program

The ExxonMobil Production Company has awarded contracts for work in support of the first well of a multi-well drilling program at Point Thomson, Alaska. The work is part of the plan submitted to the Department of Natural Resources earlier in 2008 to develop the Point Thomson Unit.

ExxonMobil said that, a contract to Nanuq together with Alaska Frontier Constructors, sets out for the construction and maintenance of nearly 50 miles of ice roads and an ice air strip needed to transport the drilling rig and associated materials, camps and personnel to the Point Thomson site.

Barges that will move the construction equipment to the Point Thomson site have been contracted. Additional contracts are planned for other key project activities.

The project includes an investment of approximately $1.3 billion, including a multi-year development and delineation drilling program that will commence in the 2008-09 winter season, to construct production facilities, pipelines, and support infrastructure.

Under the initial phase, approximately 200 million cubic feet per day of Point Thomson gas is expected to be produced. Approximately 10,000 barrels per day of liquid condensate that is separated from the gas is planned to be delivered for sale through new and existing oil pipelines. The remaining gas will be injected back into the Thomson Sand reservoir to maintain pressure for continued hydrocarbon recovery and for subsequent gas sales.