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Marathon Announces Oberon Discovery in Deepwater Angola Block 31

May 27, 2009

HOUSTON, May 27 /PRNewswire-FirstCall/ — Marathon Oil Corporation (NYSE: MRO) announced today that its subsidiary, Marathon International Petroleum Angola Block 31 Limited, has participated in the deepwater Oberon discovery well in the southern area of Block 31 offshore Angola. Oberon is Marathon’s 30th discovery on Angola Blocks 31 and 32.

The Oberon discovery well is located approximately 250 miles off the Angolan coast, and is less than 3 miles northeast of the Dione discovery, announced in October 2008.

The well was drilled in about 5,300 feet of water, to a total measured depth of more than 12,300 feet. Oil-bearing reservoirs were encountered in the Oligocene section. The well test results confirmed the capacity of the reservoir to flow in excess of 5,000 barrels per day.

Located in the northeast sector of Block 31, the PSVM development is proceeding with first production targeted in 2012.

The concessionaire of Block 31 is Sonangol, Angola’s state-owned oil company. Marathon holds a 10 percent interest in Block 31. The operator is BP Exploration (Angola) Limited with 26.67 percent. The other interest owners are Esso Exploration and Production Angola (Block 31) Limited with 25 percent, Sonangol P&P with 20 percent, Statoil Angola A.S. (a subsidiary of StatoilHydro ASA) with 13.33 percent, and TEPA (BLOCK 31) LIMITED, a subsidiary of the Total Group with 5 percent.

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 www.marathon.com.

This news release contains forward-looking statements concerning the possibility of a significant new resource base and the PSVM deepwater oil development project including the timing of production. 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 operating 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, 2008, and 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
                                    Leslie Hiltabrand    713-296-4102

    Investor Relations Contacts:    Howard Thill         713-296-4140
                                    Chris Phillips       713-296-3213

SOURCE Marathon Oil Corporation


Source: newswire



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