Apache's North Sea Beryl Field Well Flows 11,625 Barrels, 13 MMcf Of Gas Per Day; Rate Is Highest For U.K. Beryl Field Since 2001

HOUSTON, May 16, 2012 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) today announced that an extension well had initial production rates higher than any oil well drilled at the Beryl Field in the U.K. North Sea since 2001.

"We're very excited about this well because we've found virgin reservoir pressure in two of three zones containing more than 300 feet of net true vertical pay," said Jim House, regional vice president and managing director of Apache North Sea. "This is one of the best wells drilled in the past 10 years in the Beryl Field and we expect it to open up further development opportunities."

The B72 was drilled as a deviated well from the Beryl Bravo Platform and logged a total of 619 feet measured depth (305 feet TVD) of net oil pay in three separate Jurassic aged reservoir units. The well was completed in the high quality Beryl-I reservoir, which was found at original pressure of 5220 psi and commenced production at a rate of 11,625 barrels of oil per day (b/d) and 13.1 million cubic feet (MMcf) of natural gas per day.

Finding the Beryl-1 reservoir in a fault block at original field pressures within the Beryl field is an encouraging result that highlights the complexity and remaining potential of the field. A new 3D seismic survey is planned for summer 2012, the first since 1997.

Apache completed the acquisition of Mobil North Sea Limited from ExxonMobil at year-end 2011, which includes operating interests in Beryl, Nevis, Ness, Nevis South, Skene and Buckland fields.

Apache owns 50 percent of Beryl Field and is the operator. Other field owners are Hess Ltd. (22.22 percent), Enterprise Oil Ltd. (22.78 percent), and OMV (U.K.) Ltd. (5 percent).

About Apache
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, operational updates, investor information and copies of all press releases on its website, www.apachecorp.com.

Forward-looking statements
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. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods. These statements include, but are not limited to, statements about future plans, expectations, and objectives for Apache's operations including statements about our drilling plans and production expectations in the Beryl Field, U.K. North Sea. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See "Risk Factors" in our 2011 Form 10-K filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.

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SOURCE Apache Corporation