ConocoPhillips Opts Out of Exploration in Two Peru Blocks

  ConocoPhillips Opts Out of Exploration in Two Peru Blocks

Business Wire

HOUSTON -- October 05, 2012

ConocoPhillips (NYSE: COP) today announced a decision not to pursue further
exploration activities in Peru Blocks 123 and 129. This decision to withdraw
as operator and opt out of the next exploration period is part of the
company’s strategic plan to optimize its portfolio of assets.

“It was a difficult decision to leave these blocks where we have worked so
closely with communities and demonstrated our ability to work responsibly in
an environmentally sensitive area,” said Larry Archibald, senior vice
president of exploration for ConocoPhillips. “After careful consideration, we
reached this decision as part of the company’s broader strategic effort to
re-evaluate our investments and asset portfolio since becoming an independent
E&P company.”

ConocoPhillips’ 45 percent interest will be transferred to Gran Tierra Energy
Peru SRL, along with the operatorship of the blocks subject to government
approvals. ConocoPhillips will work with Perupetro, the Peruvian petroleum
licensing agency, and Gran Tierra Energy Peru SRL to facilitate an efficient
transition.

ConocoPhillips recently completed two rounds of seismic exploration activities
in Blocks 123 and 129. The company is proud of the strong relationships that
have been built over several years with about 60 communities near these two
blocks in the Marañon Basin. The company also appreciates the support provided
by the Peruvian government and other stakeholders. For more information about
the company’s community engagement in Peru, please click here.

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About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips had operations and activities
in 30 countries and approximately 16,500 employees as of June 30, 2012.
Production averaged 1.59 million BOE per day for the six months ended June 30,
2012, and proved reserves were 8.4 billion BOE as of Dec. 31, 2011. For more
information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements. Forward-looking
statements relate to future events and anticipated results of operations,
business strategies, and other aspects of our operations or operating results.
In many cases you can identify forward-looking statements by terminology such
as "anticipate," "estimate," "believe," "continue," "could," "intend," "may,"
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and other similar words. However, the absence of these words does not mean
that the statements are not forward-looking. Where, in any forward-looking
statement, the company expresses an expectation or belief as to future
results, such expectation or belief is expressed in good faith and believed to
have a reasonable basis. However, there can be no assurance that such
expectation or belief will result or be achieved. The actual results of
operations can and will be affected by a variety of risks and other matters
including, but not limited to, changes in commodity prices; changes in
expected levels of oil and gas reserves or production; operating hazards,
drilling risks, unsuccessful exploratory activities; difficulties in
developing new products and manufacturing processes; unexpected cost
increases; international monetary conditions; potential liability for remedial
actions under existing or future environmental regulations; potential
liability resulting from pending or future litigation; limited access to
capital or significantly higher cost of capital related to illiquidity or
uncertainty in the domestic or international financial markets; and general
domestic and international economic and political conditions; as well as
changes in tax, environmental and other laws applicable to our business. Other
factors that could cause actual results to differ materially from those
described in the forward-looking statements include other economic, business,
competitive and/or regulatory factors affecting our business generally as set
forth in our filings with the Securities and Exchange Commission. Unless
legally required, ConocoPhillips undertakes no obligation to update publicly
any forward-looking statements, whether as a result of new information, future
events or otherwise.

Contact:

ConocoPhillips
Davy Kong, 281-293-2701 (media)
davy.kong@conocophillips.com
or
Bill Stephens, 281-293-1958 (media)
william.r.stephens@conocophillips.com
or
Vladimir R. dela Cruz, 212-207-1996 (investors)
v.r.delacruz@conocophillips.com
 
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