Anadarko Announces Shenandoah Appraisal Well Encounters More Than 1,000 Net Feet of Oil Pay

Tue Mar 19, 2013 4:05pm EDT

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

  HOUSTON, TX, Mar 19 (Marketwire) -- 
Anadarko Petroleum Corporation (NYSE: APC) today announced its
Shenandoah-2 well in the deepwater Gulf of Mexico encountered more than
1,000 net feet of oil pay in multiple high-quality Lower Tertiary-aged
reservoirs. 

    "The successful Shenandoah-2 well marks one of Anadarko's largest oil
discoveries in the Gulf of Mexico, with more than 1,000 net feet of oil
pay and reservoir rock and fluid properties of much higher quality than
previously encountered by industry in Lower Tertiary discoveries," said
Bob Daniels, Anadarko Sr. Vice President Deepwater and International
Exploration. "With ownership in the successful Shenandoah wells, the
adjacent Yucatan prospect, and the very encouraging results from the
nearby Coronado well, Anadarko is strategically positioned in the
Shenandoah Basin, which has the potential to become one of the most
prolific new areas in the deepwater Gulf of Mexico."

    The Shenandoah-2 well, located in Walker Ridge block 51, was drilled to a
total depth of 31,405 feet in approximately 5,800 feet of water, more
than 1 mile southwest and approximately 1,700 feet structurally down-dip
from the Shenandoah-1 discovery. Similar to the initial Shenandoah
discovery well, log and pressure data from the Shenandoah-2 well indicate
excellent-quality reservoir and fluid properties. The well was drilled to
test the down-dip extent of the accumulation, and the targeted sands were
full to base with no oil-water contact.

    "We are incorporating the information obtained from Shenandoah-2 into our
planning and anticipate further appraisal drilling to advance this
potentially giant project," Daniels added.

    Anadarko is the operator of the Shenandoah-2 well and the previously
announced Shenandoah-1 discovery well, located in Walker Ridge block 52,
with a 30-percent working interest. Other co-owners in Shenandoah are
ConocoPhillips (NYSE: COP) with a 30-percent working interest, Cobalt
International Energy L.P. (NYSE: CIE) with a 20-percent working interest,
Venari Resources LLC with a 10-percent working interest and Marathon Oil
Company (NYSE: MRO) with a 10-percent working interest. 

    Additionally, in the Shenandoah Basin, Anadarko has a 15-percent working
interest in both the Coronado well, located in Walker Ridge block 98, and
the Yucatan prospect, located in Walker Ridge block 95.

    A map of the Shenandoah Basin in the deepwater Gulf of Mexico will be
available under the "Media Center/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 2012, the company had approximately 2.56
billion barrels-equivalent of proved reserves, making it one of the
world's largest independent exploration and production companies. For
more information about Anadarko and APC Flash Feed updates, 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 to successfully drill,
complete, test and produce the wells and prospects identified in this
news release. See "Risk Factors" in the company's 2012 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. 

    
Attachment Available: http://www2.marketwire.com/mw/frame_mw?attachid=2261240


Anadarko Contacts

Media:
John Christiansen
john.christiansen@anadarko.com
832.636.8736

Brian Cain
brian.cain@anadarko.com
832.636.3404

Christina Ramirez
christina.ramirez@anadarko.com
832.636.8687

Investors:
John Colglazier
john.colglazier@anadarko.com
832.636.2306

Brian Kuck
brian.kuck@anadarko.com
832.636.1397

Bill Tedesco
william.tedesco@anadarko.com
832.636.3375 

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