HOUSTON, Oct. 3, 2012 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE: MRO) announced today that itssubsidiary Marathon Ethiopia Limited B.V. has entered into a saleand purchase agreement with Agriterra Limited to acquire their 20percent working interest in the South Omo concession in Ethiopiawith an effective date of Aug. 17, 2012. The companies expect toclose the transaction, subject to completion of the necessaryEthiopian government approvals, before the end of the year. Tullow Oil is the operator of the South Omo concession with a 50percent working interest, and Africa Oil holds the remaining 30percent working interest. The concession has an area ofapproximately 7.2 million gross acres (29,465 gross squarekilometers). An exploration well is anticipated to spud in SouthOmo in the fourth quarter of 2012. In consideration for the assignment of these interests, MarathonOil will pay Agriterra $40 million, before closing adjustments,with an additional payment of $10 million due upon Marathon Oil'sparticipation in a declaration of a commercial discovery. "This acquisition is a strong addition to Marathon Oil'sposition in the Tertiary rift trend onshore East Africa and is ontrend with the recent Ngamia-1 discovery in Kenya," said AnnellBay, Marathon Oil vice president, Global Exploration. "We areexcited to build on our partnership with Tullow and AfricaOil." Marathon Oil Corporation is an independent international energycompany. Based in Houston, Texas, Marathon Oil had net provedreserves at the end of 2011 of 1.8 billion barrels of oilequivalent in North America, Europe and Africa. For moreinformation, please visit the Company's website at http://www.marathonoil.com. This release contains forward-looking statements withrespect to a sale and purchase agreement, which is subject toEthiopian government and partner approvals and other customaryclosing conditions, and the expected timing of an exploratory well.The expected timing of the exploratory well can be affected bypricing, supply and demand for liquid hydrocarbons and natural gas,drilling rig availability, and other geologic and economicconsiderations. These factors, among others, may cause actualresults to differ materially from those set forth in the forwardlooking statements. In accordance with the "safe harbor"provisions of the Private Securities Litigation Reform Act of 1995,Marathon Oil Corporation has included in its Annual Report on Form10-K for the year ended December 31, 2011, and subsequent Forms10-Q and 8-K, cautionary language identifying other importantfactors, though not necessarily all such factors, that could causefuture outcomes to differ materially from those set forth in theforward-looking statements .
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