SOURCE: Anadarko Petroleum Corporation

Anadarko Petroleum Corporation

November 22, 2010 07:00 ET

Anadarko Announces Brazil Post-Salt Discovery

Drilling Continues Toward Deeper Pre-Salt Targets

HOUSTON, TX--(Marketwire - November 22, 2010) - Anadarko Petroleum Corporation (NYSE: APC) today announced interim results at the Itauna #1 well in block BM-C-29 offshore Brazil. To date, the well has encountered in excess of 275 net feet of oil and natural gas pay in two separate post-salt zones on which show reports were filed with the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP). 

"We are pleased that our first well on block BM-C-29 is a substantial discovery in the post-salt section," Anadarko Sr. Vice President, Worldwide Exploration Bob Daniels said. "The already significant post-salt pay count could increase when we perform a bypass to obtain additional information that should address the unconsolidated formations in the existing hole. We are drilling ahead to test two targeted pre-salt objectives and expect to complete activities in the well by the end of the year." 

The Itauna #1 well, which is located in approximately 250 feet of water, has been drilled to a current depth of approximately 15,250 feet with a planned total depth of nearly 18,000 feet. Following activities on this well, the rig will go to work for another operator, and then is expected to return to Anadarko in 2011 to conduct appraisal activity on the block. Anadarko operates block BM-C-29 with a 50-percent working interest. Ecopetrol is the co-owner in the block with a 50-percent working interest.

Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2009, the company had approximately 2.3 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko, please visit www.anadarko.com.

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. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to successfully drill, complete, test and produce the well identified in this news release. See "Risk Factors" in the company's 2009 Annual Report on Form 10-K, Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2010 and other public filings and press releases. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.

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