Marathon Announces Tebe Discovery in Deepwater Angola Block 31

HOUSTON, Oct. 1 /PRNewswire-FirstCall/ -- Marathon Oil Corporation (NYSE: MRO) announced today that its subsidiary, Marathon International Petroleum Angola Block 31 Limited, has participated in the deepwater Tebe discovery well in the southern portion of Block 31 offshore Angola.

The Tebe discovery well is located approximately 7 miles southeast of the Hebe discovery announced in October 2005 and approximately 220 miles northwest of Luanda, Angola.

The well was drilled in a water depth of approximately 5,700 feet and reached a total measured depth of approximately 11,400 feet. The well test results confirmed the capacity of the reservoir to flow in excess of 5,000 barrels per day.

Located in the northeast sector of Block 31, the PSVM development is proceeding with first production targeted in 2012.

The concessionaire of Block 31 is Sonangol, Angola's state-owned oil company. Marathon holds a 10 percent interest in Block 31. The operator is BP Exploration (Angola) Limited with 26.67 percent. The other interest owners are Esso Exploration and Production Angola (Block 31) Limited with 25 percent, Sonangol P&P with 20 percent, Statoil Angola A.S. (a subsidiary of StatoilHydro ASA) with 13.33 percent, and TEPA (BLOCK 31) LIMITED, a subsidiary of the Total Group with 5 percent.

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, 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 possibility of a significant new resource base and the PSVM deepwater oil development project including the timing of production. 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, drilling rig availability, unforeseen hazards such as weather conditions, presently known data concerning size and character of reservoirs, economic recoverability, future drilling success, production experience, acts of war or terrorist acts and the governmental or military response thereto, and other operating considerations. In accordance with "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, 2008, and 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:       Paul Weeditz       713-296-3910
                                    Lee Warren         713-296-4103
    Investor Relations Contacts:    Howard Thill       713-296-4140
                                    Chris Phillips     713-296-3213

SOURCE Marathon Oil Corporation