August 04, 2011 at 08:30 AM EDT
Apache Reports Continued Exploration Success in Faghur Basin in Egypt's Western Desert

HOUSTON, Aug. 4, 2011 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) today reported two new oil discoveries in its Faghur Basin play of Egypt's Western Desert oil and gas province.

  • A test of the Jurassic Safa sand in the Faghur Deep-1X flowed at a rate of 6,671 barrels of oil and 2.76 million cubic feet (MMcf) of natural gas per day.
  • The Neilos-1X discovery on the Neith South development lease test-flowed at a rate of 4,179 barrels of oil and 4.2 MMcf of gas per day from the Jurassic Safa formation. The well also encountered two Alam El Bueib (AEB) Cretaceous pay sands that were not tested.

The latest discoveries were developed through evaluation of modern 3D seismic surveys acquired over the southwestern part of the Khalda Offset Concession and the southern part of the West Kalabsha Concession. In 2011, Apache has drilled and/or completed 11 exploration wells, resulting in nine new field discoveries in the Faghur Basin play. Drilling is continuing on two exploration wells, and seven additional exploration wells are slated to reach total depth in the area before the end of 2011.

"The Faghur Basin continues to be a successful focus area for Apache, with prolific oil and gas production from the AEB, Safa, and Paleozoic reservoirs that demonstrates the multiple-pay potential of this area of the Western Desert," said Tom Voytovich, vice president of Apache's Egypt Region.

Apache Corporation is an independent 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 and investor information, in addition to copies of all recent press releases, on its Web site, http://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 include statements about planned drilling activity, future production, and exploration prospects in the Faghur Basin, Egypt.  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 2010 Form 10-K as amended by Amendment No. 1 to our annual report on Form 10-K/A 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.

APA-EG

SOURCE Apache Corporation

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