Marathon Announces Discovery in Deepwater Gulf of Mexico

October 14, 2008 1:00 PM EDT

HOUSTON, Oct. 14 /PRNewswire-FirstCall/ -- Marathon Oil Corporation (NYSE: MRO) announced today that it has participated in a successful discovery well on the Freedom/Gunflint prospect, located on Mississippi Canyon Block 948, in the deepwater Gulf of Mexico.

The Freedom well is located approximately 160 miles southeast of New Orleans, La., and was drilled in about 6,100 feet of water, to a total depth of approximately 29,280 feet. The well encountered more than 550 feet of net hydrocarbon-bearing sands in the Middle and Lower Miocene reservoirs.

"We're encouraged by the results of the Freedom discovery well, which adds to Marathon's strong Gulf of Mexico portfolio," said Annell Bay, Marathon senior vice president for Worldwide Exploration.

Marathon currently has plans to participate in about three significant exploration wells a year through 2012, along with a number of development wells associated with its Droshky discovery which is expected to be sanctioned later this year. Marathon holds a 100 percent working interest in the Droshky discovery located on Green Canyon Block 244.

Marathon owns a 12.5 percent working interest in Mississippi Canyon Block 948. Noble Energy Inc. holds a 37.5 percent working interest in the well and will serve as operator for the block. BP Exploration & Production Inc. operated the exploration well with 25 percent working interest and Samson Offshore Company owns the remaining 25 percent working interest.

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 Freedom discovery and anticipated future development and drilling activity. 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, unforeseen hazards such as weather conditions, acts of war or terrorist acts and the governmental or military response thereto, and other geological, operating and economic considerations. In accordance with the "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, 2007, and in 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
                                 Paul Weeditz    713-296-3910

    Investor Relations Contacts: Howard Thill    713-296-4140
                                 Chris Phillips  713-296-3213
                                 Michol Ecklund  713-296-3919

SOURCE Marathon Oil Corporation

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