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EX-23.1 - EX-23.1 - APACHE CORP | h77530exv23w1.htm |
EX-99.4 - EX-99.4 - APACHE CORP | h77530exv99w4.htm |
EX-99.5 - EX-99.5 - APACHE CORP | h77530exv99w5.htm |
8-K/A - FORM 8-K/A - APACHE CORP | h77530e8vkza.htm |
EXHIBIT 99.1
APACHE COMPLETES ACQUISITION OF BP ASSETS IN EGYPTS WESTERN DESERT
Houston, Nov. 4, 2010 Apache Corporation (NYSE, Nasdaq: APA) today announced that a
subsidiary has completed its acquisition of BPs oil and gas operations, acreage and infrastructure
in Egypts Western Desert. The transaction marks the final step in Apaches previously announced
three-part acquisition of BP assets.
Apaches subsidiary paid $650 million to acquire four development leases and one exploration
concession across 394,300 acres. The assets have estimated proved reserves of 20 million barrels of
oil equivalent (59 percent liquids), and first-half 2010 net production of 6,016 barrels of oil and
11 million cubic feet of natural gas per day.
The BP assets also include strategically positioned infrastructure a natural gas processing
plant, a liquefied petroleum gas plant and oil and gas export lines that will enable Apache to
increase production from its existing fields in the Western Desert.
In October, Apache subsidiary Apache Canada Ltd. completed its acquisition of substantially
all of BPs upstream natural gas business in western Alberta and British Columbia. In August,
another Apache subsidiary completed its acquisition of all of BPs oil and gas operations, acreage
and infrastructure in the Permian Basin. Apache financed the acquisitions with a combination of
debt and equity securities as well as cash on hand.
Apache Corporation is an oil and gas exploration and production company with operations in the
United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina. Apache posts
announcements, updates, investor information and all press releases, on its website,
www.apachecorp.com.
-end-
Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including, without
limitation, expectations, beliefs, plans and objectives regarding production and exploration
activities. Any matters that are not historical facts are forward-looking and, accordingly, involve
estimates, assumptions, risks and uncertainties, including, without limitation, risks,
uncertainties and other factors discussed in our most recently filed Annual Report on Form 10-K,
recent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K available on our website,
http://www.apachecorp.com/, and in our other public filings and press releases. There is no
assurance that Apaches expectations will be realized, and actual results may differ materially
from those expressed in the forward-looking statements. We assume no duty to update these
statements as of any future date. However, readers should review carefully reports and documents
that Apache files periodically with the Securities and Exchange Commission.