Breaking News

Macquarie-Led Group to Buy Louisiana Utility Cleco for $3.4 Billion
Tweet TWEET

Apache Acquires 14 Blocks in Central GoM Lease Sale 227

           Apache Acquires 14 Blocks in Central GoM Lease Sale 227

PR Newswire

HOUSTON, April 1, 2013

HOUSTON, April 1, 2013 /PRNewswire/ --Apache Corporation (NYSE, Nasdaq: APA)
today announced that its subsidiaries were the apparent high bidders on nine
shallow water blocks and five deepwater blocks in the recent Gulf of Mexico
lease sale held by the U.S. Department of the Interior's Bureau of Ocean
Energy Management. Lease Sale 227, held March 20 in New Orleans, received 407
bids from 52 companies on 320 tracts, with the high bids totaling more than
$1.2 billion.

On the continental shelf, Apache was the sole bidder on all nine blocks where
it submitted bids. The company partnered on seven blocks in the Main Pass
area, forming a new joint venture with Apache as the operator and holding a
75-percent working interest. The JV is currently shooting seismic over a
633,000-acre area using new wide azimuth technology to collect data and images
under and around salt dome structures.

The company holds a 100-percent working interest in its two other shelf leases
acquired in the sale. Apache is currently the largest leaseholder on the Gulf
of Mexico's continental shelf with interests in more than 500 blocks.

In the deepwater, Apache was high bidder on five of nine bids, with a
50-percent working interest in each lease. Leases were acquired in the DeSoto
Canyon, Green Canyon and Mississippi Canyon lease areas, growing the company's
prospect inventory with properties near existing industry discoveries. With
the exception of one block, all bids were competitive with other GOM
operators.

Overall, the company's net exposure for its winning bids was $2.2 million for
the shelf and $24.6 million for deepwater blocks.

"With new acreage, new investments and new ideas, we expect that the Gulf of
Mexico will continue to generate strong cash flows and excellent returns,"
said Jon Jeppesen, executive vice president.

About Apache

Apache Corporation is an oil and gas exploration and production company with
operations in the United States, Canada, Egypt, the United Kingdom North Sea,
Australia and Argentina. Apache posts announcements, operational updates,
investor information and copies of all press releases on its website,
www.apachecorp.com.

Forward-looking statements

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. Forward-looking statements can be identified by words
such as "anticipates," "intends," "plans," "seeks," "believes," "estimates,"
"expects" and similar references to future periods. These statements include,
but are not limited to, statements about seismic date acquisition, potential
drilling locations, planned drilling activity, future production, and
exploration prospects, and Apache's ability to execute on production and
development plans in the Gulf of Mexico. While forward-looking statements are
based on assumptions and analyses made by us that we believe to be reasonable
under the circumstances, whether actual results and developments will meet our
expectations and predictions depend on a number of risks and uncertainties
which could cause our actual results, performance, and financial condition to
differ materially from our expectations. See "Risk Factors" in our 2012 Form
10-K and our subsequent filings with the Securities and Exchange Commission
for a discussion of risk factors that affect our business. Any forward-looking
statement made by us in this news release speaks only as of the date on which
it is made. Factors or events that could cause our actual results to differ
may emerge from time to time, and it is not possible for us to predict all of
them. We undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future development, or
otherwise, except as may be required by law.

APA-M





SOURCE Apache Corporation

Website: http://www.apachecorp.com
Contact: Media: (713) 296-6100, Patrick Cassidy, or (713) 296-7276, Bill
Mintz, or (281) 302-2646, John Roper, or (713) 296-6662, Bob Dye; Investor:
(281) 302-2286, Brady Parish, Castlen Kennedy, Christopher Cortez, or Alicia
Reis
 
Press spacebar to pause and continue. Press esc to stop.