Anadarko Announces Successful Deepwater Gulf of Mexico Appraisal Well

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Source: Marketwire

HOUSTON, TX -- (Marketwire) -- 02/16/12 -- Anadarko Petroleum Corporation (NYSE: APC) today announced the successful results of the Heidelberg-2 appraisal well, located in Green Canyon block 903 in the deepwater Gulf of Mexico, which encountered approximately 250 net feet of oil pay in high-quality Miocene sands.

The appraisal well was drilled to a total depth of 31,030 feet in approximately 5,000 feet of water, about 1.5 miles south and 550 feet structurally updip from the Heidelberg discovery well. Log and pressure data from the appraisal and discovery wells indicate excellent quality, continuous and pressure-connected reservoirs with the same high-quality oil. The initial Heidelberg discovery well was drilled in 2009 and encountered more than 200 net feet of oil pay.

'We've been looking forward to drilling an appraisal to our Heidelberg discovery for some time, and we could not be more pleased with the results,' said Bob Daniels, Anadarko Sr. Vice President, Worldwide Exploration. 'The successful penetration of high-quality, oil-bearing sands confirmed the continuity of the reservoir, and validated our geologic model, and initial resource estimate of more than 200 million barrels of oil. We plan to immediately sidetrack the well to evaluate the down-dip extent of the field, and plan to initiate pre-FEED (front-end engineering and design) activities to prepare for sanctioning a development project.'

Anadarko operates the block with a 44.25-percent working interest. Co-owners in the block include Apache Deepwater LLC, a subsidiary of Apache Corporation (12.5-percent working interest), Eni (12.5-percent working interest), Statoil (12-percent working interest), ExxonMobil (9.375-percent working interest) and Cobalt International Energy, L.P. (9.375-percent working interest).

A map of the Heidelberg discovery and appraisal well will be available on the company's Web site at under the Anadarko News tab at www.anadarko.com.

Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2011, the company had approximately 2.54 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko, please visit www.anadarko.com.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability sidetrack, develop, sanction and commercially operate the drilling prospects and projects identified in this news release. See 'Risk Factors' in the company's 2010 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.

Cautionary Note to U.S. Investors: Effective Jan. 1, 2010, the United States Securities and Exchange Commission ('SEC') permits oil and gas companies, in their filings with the SEC's, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms. Anadarko uses certain terms in this news release, such as 'initial resource estimate,' and similar terms that the SEC guidelines strictly prohibit Anadarko from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in Anadarko's Form 10-K for the year ended Dec. 31, 2010, File No. 001-08968, available from Anadarko at www.anadarko.com or by writing Anadarko at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attn: Investor Relations. This form may also be obtained by contacting the SEC at 1-800-SEC-0330.

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