Apache Agrees To Sell Western Canada Assets For US$374 Million

        Apache Agrees To Sell Western Canada Assets For US$374 Million

PR Newswire

HOUSTON, March 31, 2014

HOUSTON, March 31, 2014 /PRNewswire/ --Apache Corporation (NYSE, Nasdaq: APA)
and its subsidiaries today announced an agreement to sell producing oil and
gas assets in the Deep Basin area of western Alberta and British Columbia,
Canada, for $374 million.

Logo for the Apache Corporation (NYSE, Nasdaq: APA). More information about
Apache can be found at www.apachecorp.com.

Incremental to Apache's earlier $2 billion share re-purchase announcement, the
company plans to use the proceeds of this transaction to buy back Apache
common shares under the 30-million-share repurchase program that was
authorized by Apache's Board of Directors in 2013.

Apache is selling primarily dry gas-producing properties comprising 622,600
gross acres (328,400 net acres) in the Ojay, Noel and Wapiti areas in Alberta
and British Columbia. In the Wapiti area, Apache will retain 100 percent of
its working interest in horizons below the Cretaceous, retaining rights to the
liquids-rich Montney and other deeper horizons. During 2013, production from
the fields to be sold averaged 101 million cubic feet of natural gas and 1,500
barrels of liquid hydrocarbons per day.

The effective date of the transaction is Jan. 1, 2014, and it is expected to
close on or about April 30. The transaction is subject to customary
post-closing adjustments.

"This transaction is part of Apache's portfolio rebalancing, which was
undertaken last year to enable Apache to focus on growing liquids production
from a deep inventory of crude oil- and liquids-rich opportunities in North
America," said G. Steven Farris, Apache's chairman, chief executive officer
and president.

"The sale of these natural gas assets – and other Canadian gas-producing
properties sold last year – will permit Apache's Canada Region to concentrate
on liquids-rich opportunities that can provide more attractive rates of return
and more predictable production growth," Farris said.

Since the rebalancing was announced in 2013, Apache also divested operations
on the Gulf of Mexico Shelf and in Argentina and sold a one-third interest in
its Egypt operations.

About Apache

Apache Corporation is an oil and gas exploration and production company with
operations in the United States, Canada, Egypt, the United Kingdom, 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 future plans, expectations, and
objectives for Apache's operations, including statements about our drilling
plans and production expectations, asset sales and monetizations and share
repurchases. This transaction is subject to customary closing conditions and
may not be completed for the amount expected, in the anticipated time frame,
or at all. 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 2013 Form 10-K filed 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.

Website: www.apachecorp.com

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SOURCE Apache Corporation

Website: http://www.apachecorp.com
Contact: Media: Patrick Cassidy,(713) 296-6100; Bill Mintz, (713) 296-7276;
Bob Dye, (713) 296-6662; Investor: Castlen Kennedy, Christopher Cortez, Alicia
Reis, (281) 302-2286
 
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