Marathon Oil Announces Shenandoah Appraisal Well Results

HOUSTON, March 19, 2013 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE: MRO) today announced theShenandoah-2 well in the deepwater Gulf of Mexico has encounteredmore than 1,000 net feet of oil pay in multiple high-quality LowerTertiary-aged reservoirs.

The Shenandoah-2 well, located in Walker Ridge block 51, wasdrilled to a total depth of 31,405 feet in approximately 5,800 feetof water, more than 1 mile southwest and approximately 1,700 feetstructurally down-dip from the Shenandoah-1 discovery. Similar tothe initial Shenandoah discovery well, log and pressure data fromthe Shenandoah-2 well indicate excellent-quality reservoir andfluid properties. The well was drilled to test the down-dip extentof the accumulation, and the targeted sands were full to base withno oil-water contact.

The Shenandoah-1 discovery well was drilled inearly 2009 on Walker Ridge Block 52 and encountered more than 300net feet of Inboard Lower Tertiary oil pay.

The operator and partners are incorporating the informationobtained from Shenandoah-2 into planning and anticipate furtherappraisal drilling to advance this potentially significant resourcediscovery.

Marathon Oil holds a 10 percent working interest in Shenandoah.Partners include Anadarko Petroleum Corporation as operator (30percent working interest), ConocoPhillips (30 percent workinginterest), Cobalt International Energy, L.P. (20 percent workinginterest), and Venari Resources LLC (10 percent workinginterest).

Marathon Oil Corporation is an international exploration andproduction company. Based in Houston, Texas, the Company had netproved reserves at the end of 2012 of 2 billion barrels of oilequivalent in North America, Europe and Africa. For moreinformation, please visit our website at http://www.marathonoil.com.

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This release contains forward-looking statements related to thepossibility of a new resource base and expectations for furtherappraisal drilling.  These statements are based on currentexpectations, estimates and projections and are not guarantees offuture performance.  Actual results may differ materially fromthese expectations, estimates and projections and are subject tocertain risks, uncertainties and other factors, some of which arebeyond the Company's control and difficult to predict.  Inaccordance with the "safe harbor" provisions of the PrivateSecurities Litigation Reform Act of 1995, Marathon Oil Corporationhas included in its Annual Report on Form 10-K for the year endedDecember 31, 2012, 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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