Marathon Oil Announces $1.5 Billion Sale of Interest in Angola Block 31

Marathon Oil Announces $1.5 Billion Sale of Interest in Angola Block 31

HOUSTON, June 25, 2013 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE:
MRO) today announced that its subsidiary, Marathon International Oil Angola
Block 31 Limited, has entered into a definitive agreement to sell its 10
percent working interest in the Production Sharing Contract and Joint
Operating Agreement in Block 31 offshore Angola to SSI Thirty-One Limited
(Sonangol Sinopec International). The transaction has a total value of
approximately $1.5 billion, excluding any purchase price adjustments at
closing. The companies anticipate closing the transaction in the fourth
quarter of 2013, with an effective date of Jan. 1, 2013.

The transaction is subject to government, regulatory and third-party
approvals, and pre-emption rights which exist on the block. SSI Thirty-One
Limited currently holds a 5 percent working interest in the block.

"This transaction highlights the shareholder value we have created through
exploration success in Angola, as well as our commitment to financial
discipline and efforts to profitably grow the Company," said Clarence P.
Cazalot, Jr., Marathon Oil chairman, president and CEO. "We expect to use the
proceeds from this sale to repurchase shares, strengthen the balance sheet and
for general corporate purposes."

With this transaction, the Company has agreed upon or closed on nearly $2.9
billion in divestitures, at the upper end of its targeted $1.5 billion to $3
billion of divestitures over the period of 2011 through 2013.

Production from the PSVM development on Block 31 commenced in the fourth
quarter of 2012. The concessionaire of Block 31 is Sonangol, Angola's
state-owned oil company. The operator is BP Exploration Angola with a 26.67
percent working interest. Sonangol E.P. holds 25 percent; Sonangol P&P holds
20 percent; Statoil Angola A.S. holds 13.33 percent; and SSI Thirty-One
Limited currently holds 5 percent.

Marathon Oil's financial advisor for this transaction is Scotia Waterous.

Marathon Oil Corporation is an international energy company. Based in Houston,
Texas, Marathon Oil had net proved reserves at the end of 2012 of 2.0 billion
barrels of oil equivalent in North America, Europe and Africa. For more
information, please visit the Company's website at


This release contains forward-looking statements with respect to the sale of
Marathon Oil's interest in Angola Block 31, expectations with respect to the
use of proceeds from the sale, and projected asset dispositions through
2013.Some factors that could potentially affect the sale of the Company's
interest in Angola Block 31 are completion of the necessary government,
regulatory and third-party approvals, and satisfaction of other customary
closing conditions. The expectations with respect to the use of proceeds could
be affected by changes in the prices and demand for crude oil and natural gas,
actions of competitors, disruptions or interruptions of the Company's
exploration or production operations, unforeseen hazards such as weather
conditions or acts of war or terrorist acts, and other operating and economic
considerations. The projected asset dispositions through 2013 are based on
current expectations, good faith estimates and projections and are not
guarantees of future performance.

Actual results may differ materially from these expectations, estimates and
projections and are subject to certain risks, uncertainties and other factors,
some of which are beyond the Company's control and difficult to predict. In
accordance with the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, Marathon Oil Corporation has included in its
Annual Report on Form 10-K for the year ended December 31, 2012, and
subsequent Forms 10-Q and 8-K, cautionary language identifying other important
factors, though not necessarily all such factors, that could cause future
outcomes to differ materially from those set forth in the forward-looking

CONTACT: Media Relations Contacts: 
         Lee Warren 713-296-4103
         John Porretto 713-296-4102
         Investor Relations Contacts:
         Howard Thill 713-296-4140
         Chris Phillips 713-296-3213
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