July 30, 2008

Apache’s Heqet-2 Well Producing 2,100 Barrels of Oil Per Day in Greater Khalda Area in Egypt’s Western Desert

HOUSTON, July 30 /PRNewswire-FirstCall/ -- Apache Corporation reported today that the Heqet-2 appraisal well in Egypt's Greater Khalda area is producing approximately 2,100 barrels of oil per day from the Jurassic Safa formation.

Apache also said the Umbarka-174 well tested approximately 4,300 barrels of oil per day from 46 feet of perforations in the Alam El Bueib (AEB) 3D sand in a 40-year-old field also located in the Greater Khalda area.

The Heqet-2 was drilled to a total depth of 14,700 feet, about one-half mile from the Heqet-1 discovery drilled in the Faghur Basin in 1991. The new well is about 66 miles southwest of Apache's large Qasr gas and condensate field and 66 miles east of the Libyan border.

"Using improvements in fracture stimulation technology, we have turned a marginally economic play into a potentially significant oil accumulation. We are planning four wildcats targeting Jurassic oil pools in the Heqet and Neith South areas, and we are studying other ways to increase productivity through fracture stimulation," said G. Steven Farris, Apache's president and chief executive officer. "Heqet-2 is a good example of the opportunities to be found across Apache's 15 million acres in Egypt."

The Heqet Safa oil accumulation is estimated to be about 835 acres. The prospective area of the Jurassic oil play fairway associated with the Faghur Basin is estimated to comprise approximately 830 square miles, mostly within Apache-operated concessions.

Oil produced in Heqet Field and nearby Kalabsha and Neith Fields is found in Jurassic-aged sands below 14,000 feet that were sourced from nearby Jurassic-aged shales and coals buried within the Faghur Basin. The Faghur Basin has much cooler temperatures than the Shushan Basin, the location of the Jurassic Qasr field, Apache's largest field; thus, a large portion of the Faghur Basin is oil-bearing, as opposed to the hotter-temperature, gas-bearing Shushan Basin.

The Umbarka-174 was drilled to a total depth of 11,306 feet to develop AEB-3D reserves in an independent three-way fault closure of approximately 150 acres located northeast of the Umbarka field's main AEB-3D accumulation. Apache is planning to drill five additional AEB wells in the Umbarka area.

The Umbarka field, which was discovered in 1968, has produced a total of 33 million barrels of oil. Since taking over operation in March 2001, Apache has drilled 137 wells in the field and increased production from about 1,100 barrels of oil per day from five wells to the current level of 15,000 barrels per day. A waterflood development of approximately 7,300 acres in the Upper Bahariya formation produces approximately 70 percent of the field's current output.

Apache Corporation is a large independent oil and gas exploration and production company with operations in the United States, Canada, the United Kingdom North Sea, Egypt, Australia and Argentina.

This news release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, expectations, beliefs, plans and objectives regarding production and exploration activities. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our 2007 Form 10-K and on our Web site, http://www.apachecorp.com/. There is no assurance that Apache's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements. We assume no duty to update these statements as of any future date.


Apache Corporation

CONTACT: Media, Bill Mintz, +1-713-296-7276, or Investors, Robert Dye,+1-713-296-6662, or David Higgins, +1-713-296-6690, all of Apache Corporation

Web site: http://www.apachecorp.com/