Statoil becomes operator in the Marcellus through acquisition of liquid rich acreage

 Statoil becomes operator in the Marcellus through acquisition of liquid rich

Statoil today announces the acquisition of around 70,000 operated net acres in
the liquid rich part of the central Marcellus area. The total consideration is
USD 590 million.

PR Newswire

HOUSTON, Dec. 19, 2012

HOUSTON, Dec. 19, 2012 /PRNewswire/ -- "The US unconventional plays hold a
substantial resource base and represent an increasingly important part of
future energy supplies. Statoil is further strengthening its US onshore
portfolio by acquiring additional acreage in the valuable liquid rich parts of
the Marcellus shale in Ohio and West Virginia," says Statoil US onshore senior
vice president Torstein Hole.

Statoil entered the Marcellus in 2008 through a partnership with Chesapeake
Energy Corporation. Since then the company has pursued a targeted and stepwise
growth strategy to expand its US onshore holdings and develop operational and
organizational capacity.

In 2010 Statoil acquired acreage in the liquid-rich Eagle Ford Shale in Texas
and in 2011 the company took over ownership and operatorship for leases in the
Bakken and Three Forks formations in North Dakota and Montana through the
acquisition of Brigham Exploration.

In 2013, Statoil will become operator for 50% of the Eagle Ford acreage, in
line with the agreement with Talisman Energy Inc. from 2010.

"Statoil was an early entrant into shale and has over time built a diversified
portfolio in some of the most attractive oil, gas and liquid-rich areas. We
are already operator in Bakken, we are on schedule to become operator in Eagle
Ford next year and with this transaction Statoil will become operator also in
Marcellus. We will then be operator in all of our significant US shale plays,"
says Hole.

A majority of the net acres in this transaction are located in the liquid-rich
part of the Marcellus. The market for these products is substantially better
paying than the current market for dry gas in the US.

At this early stage of development the risked resource base is estimated at
300-500 million barrels of oil equivalent equity. Current equity production is
approximately 5,000 barrels of oil equivalents per day.

To help ensuring a safe and efficient transfer of operatorship, the sellers
will over a period of time provide transition operating services.

The transaction was closed 18 December 2012, with 1 September 2012 as the
effective date.

Statoil is an international energy company with operations in 37 countries.
Building on 40 years of experience from oil and gas production on the
Norwegian continental shelf, we are committed to accommodating the world's
energy needs in a responsible manner, applying technology and creating
innovative business solutions. Statoil is headquartered in Norway with 21,000
employees worldwide, and is listed on the New York and Oslo stock exchanges.
More information on

Contact: Ola Morten Aanestad, vice president, North America communication
Mobile: +1 713 498 0585



SOURCE Statoil

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