Marathon Makes Deepwater Oil Discovery in the Gulf of Mexico
Marathon Oil Company, today announced an oil discovery on its Ozona Deep prospect in the Gulf of Mexico. Located in 3,280 feet of water in Garden Banks block 515, the well was drilled to a total measured depth of 26,352 feet. Approximately 345 feet of net pay was encountered in two primary intervals. The well has been logged, fluid samples taken for analysis, and will be suspended without testing. Marathon is operator and has a 68% working interest, with Pioneer Natural Resources Company holding 32%.
Phil Behrman, Marathon's senior vice president of Worldwide Exploration said: "This success is a great start to our impact exploration drilling program. Results are within pre-drill expectations, but further work will be needed to determine 2002 appraisal plans and evaluate possible development options."
Marathon's impact drilling program has just started, with seven more wells planned -- four in the Gulf of Mexico, two offshore Nova Scotia and one offshore Angola. Three wells are currently drilling and up to four more wells are scheduled for the 4th quarter through early 2002 activity.
Marathon Oil Company, part of the USX-Marathon Group (NYSE: MRO) 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 .
This news release contains forward-looking statements concerning the potential development of a discovery. These statements are based on a number of assumptions, including, among others, presently known data concerning size and characterization of reserves, economic recoverability, production experience and other operating considerations. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, USX has included in Form 10-K for the year ended December 31, 2000, as amended by Form 10-KA and in Form 10-Q for the quarter ended June 30, 2001, and in subsequent Forms 8-K and 10-Q, cautionary language identifying other important factors, though not necessarily all such factors, that could cause future outcomes to differ from those set forth in forward-looking statements.
SOURCE: Marathon Oil Company
Contact: Roger Holliday of Marathon Oil Company, +1-713-296-3911