General Exploration Partners Sells 53.2% Interest in Atrush Block

Mon Dec 3, 2012 9:50am EST

* Reuters is not responsible for the content in this press release.

  DENVER, CO, Dec 03 (Marketwire) -- 
General Exploration Partners Inc. ("GEP" or the "Company") has signed a
purchase and sale agreement to sell 53.2% of its participating interest
in the Atrush Block to Abu Dhabi National Energy Company PJSC ("TAQA").
In conjunction with the sale, Aspect Energy International, LLC will
divest itself of any interest in GEP, leaving ShaMaran Ventures B.V. as
the sole interest holder of GEP's remaining participating interest. The
agreement is subject to final approval by the Kurdistan Regional
Government and obtaining necessary partner consents. 

    Following the closing of the transaction and subject to the Kurdistan
Regional Government's 25% carried option, the Atrush Block will be held
53.2% by TAQA, 26.8% by GEP, and 20% by Marathon Oil KDV B.V., a wholly
owned subsidiary of Marathon Oil Corporation (NYSE: MRO). 

    Alex Cranberg, Chairman of Aspect Holdings, LLC, commented, "With GEP's
recent notification of Commercial Discovery, TAQA brings strengths and
synergies which will assist with development and production. Most
importantly however, the people of Kurdistan and all of Iraq continue to
benefit from investment in and production of the natural resources in the
region."

    This press release contains statements about expected or anticipated
future events and financial results that are forward-looking in nature
and, as a result, are subject to certain risks and uncertainties, such as
legal and political risk, civil unrest, general economic, market and
business conditions, the regulatory process and actions, technical
issues, new legislation, competitive and general economic factors and
conditions, the uncertainties resulting from potential delays or changes
in plans, the occurrence of unexpected events and management's capacity
to execute and implement its future plans. Actual results may differ
materially from those projected by management. Further, any
forward-looking information is made only as of a certain date and neither
the Company nor its partner's undertakes any obligation to update any
forward-looking information or statements to reflect events or
circumstances after the date on which such statement is made or reflect
the occurrence of unanticipated events, except as may be required by
applicable securities laws. New factors emerge from time to time, and it
is not possible for management of the Company to predict all of these
factors and to assess in advance the impact of each such factor on the
Company's nor its partner's business or the extent to which any factor,
or combination of factors, may cause actual results to differ materially
from those contained in any forward-looking information.

    

    


Contact:
Rob Foster
303.225.5220 
rfoster@aspectenergy.com

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