Marathon Oil Canada Limited Announces Intent to Accelerate Redemption Of Exchangeable Shares

Apr 12, 2001, 01:00 ET from Marathon Oil Company

    CALGARY, Alberta, April 12 /PRNewswire/ -- Marathon Oil Canada Limited
 (Toronto: M), an indirect subsidiary of Marathon Oil Company, part of the USX-
 Marathon Group (NYSE:   MRO) and a unit of USX Corporation, announced today that
 the redemption of its Exchangeable Shares will be accelerated to August 13,
 2001.
     Under arrangements made at the time of the acquisition of Tarragon Oil and
 Gas Limited in August 1998, provisions were made to exchange outstanding
 Exchangeable Shares for shares of USX-Marathon Group Common Stock on a one-
 for-one basis at any time prior to an Automatic Redemption Date of
 August 12, 2003.
     As less than five percent of the Exchangeable Shares remain outstanding
 (excluding shares held by affiliated companies) Marathon Oil Canada Limited
 has decided to accelerate the Automatic Redemption Date.  Its direct parent
 company, 787722 Alberta Ltd. as an assignee of USX Corporation, has elected to
 exercise a Redemption Call Right effective August 13, 2001 and to exchange
 shares of USX-Marathon Group Common Stock for the outstanding Exchangeable
 Shares.
     Marathon Oil Company, part of the USX-Marathon Group and a unit of USX
 Corporation, is a large fully integrated oil firm engaged in the worldwide
 exploration and production of crude oil and natural gas.  Through Marathon
 Ashland Petroleum LLC, the Company also refines, markets and transports
 petroleum products in the United States.  Visit the company's Web site at
 www.marathon.com or www.usx.com.
 
 

SOURCE Marathon Oil Company
    CALGARY, Alberta, April 12 /PRNewswire/ -- Marathon Oil Canada Limited
 (Toronto: M), an indirect subsidiary of Marathon Oil Company, part of the USX-
 Marathon Group (NYSE:   MRO) and a unit of USX Corporation, announced today that
 the redemption of its Exchangeable Shares will be accelerated to August 13,
 2001.
     Under arrangements made at the time of the acquisition of Tarragon Oil and
 Gas Limited in August 1998, provisions were made to exchange outstanding
 Exchangeable Shares for shares of USX-Marathon Group Common Stock on a one-
 for-one basis at any time prior to an Automatic Redemption Date of
 August 12, 2003.
     As less than five percent of the Exchangeable Shares remain outstanding
 (excluding shares held by affiliated companies) Marathon Oil Canada Limited
 has decided to accelerate the Automatic Redemption Date.  Its direct parent
 company, 787722 Alberta Ltd. as an assignee of USX Corporation, has elected to
 exercise a Redemption Call Right effective August 13, 2001 and to exchange
 shares of USX-Marathon Group Common Stock for the outstanding Exchangeable
 Shares.
     Marathon Oil Company, part of the USX-Marathon Group and a unit of USX
 Corporation, is a large fully integrated oil firm engaged in the worldwide
 exploration and production of crude oil and natural gas.  Through Marathon
 Ashland Petroleum LLC, the Company also refines, markets and transports
 petroleum products in the United States.  Visit the company's Web site at
 www.marathon.com or www.usx.com.
 
 SOURCE  Marathon Oil Company

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