Apache Announces First Canning Basin Oil Discovery Offshore Western Australia

Apache Announces First Canning Basin Oil Discovery Offshore Western Australia

PR Newswire

HOUSTON, Aug. 18, 2014

HOUSTON, Aug. 18, 2014 /PRNewswire/ --Apache Corporation (NYSE, Nasdaq: APA)
today announced an oil discovery at the Phoenix South-1 well – the company's
first discovery in Australia's offshore Canning Basin.

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

Wireline and formation pressure tools have confirmed at least four discrete
oil columns ranging in thickness between 85 and 151 feet (26 to 46 meters) in
the Triassic Lower Keraudren formation, within an overall, sand-rich section
between 13,648 and 14,763 feet below sea level (4,160 to 4,500 meters).

Six light oil samples have been recovered from three intervals to date;
permeability measurements from the sampled zones indicate a productive oil
reservoirwith preliminary estimates that there might beas much as 300
million barrels of oil in place.* Evaluation of the formation penetrated in
the Phoenix South-1 is under way, and final calculation of hydrocarbon pay
will depend on additional analysis.

The Phoenix South-1 well is located in permit WA-435-P, offshore western
Australia, 110 miles (180 km) north of Port Hedland in 435 feet (133 meters)
of water. Apache has a 40-percent interest and operatorship of WA-435-P and
the adjacent permit WA-437-P; co-venturers are Carnarvon Petroleum (20
percent), Finder Exploration (20 percent) and JX Nippon (20 percent). Apache
also has exercised its option to acquire 40-percent interest and operatorship
of two additional adjacent permits (WA-436-P and WA-438-P) for a total
position of more than 5 million acres (20,000 square kilometers).

The area includes a number of large, undrilled structures, including the Roc
prospect on WA-437-P, with potential to be significant additional oil
accumulations. Further drilling and evaluation is planned for 2015.

"Although evaluation is at an early stage, Phoenix South-1 is an exciting
result," said Thomas E. Voytovich, Apache's executive vice president and chief
operating officer – International. "The oil and reservoir quality we have seen
point to a commercial discovery. If these results are borne out by further
appraisal drilling, Phoenix South may represent a new oil province for
Australia. We look forward to working with our partners to continue evaluation
of the area."

* Oil in place estimate based on 10th percentile probability.

About Apache
Apache Corporation is an oil and gas exploration and production company with
operations in the United States, Canada, Egypt, the United Kingdom and
Australia. Apache posts announcements, operational updates, investor
information and copies of all press releases on its website,
www.apachecorp.com, and on its Media and Investor Center mobile application,
which is available for free download from the Apple App Store and the Google
Play Store.

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 drilling plans
in Australia. 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

Cautionary Note to Investors
The United States Securities and Exchange Commission ("SEC") permits oil and
gas companies, in their filings with the SEC, to disclose only proved,
probable, and possible reserves that meet the SEC's definitions for such
terms. Apache may use certain terms in this press release, such as
"preliminary estimate of oil in place," and other similar terms that the SEC
guidelines strictly prohibit Apache from including in filings with the SEC.
Such terms do not take into account the certainty of resource recovery, which
is contingent on exploration success, technical improvements in drilling
access, commerciality and other factors, and are therefore not indicative of
expected future resource recovery and should not be relied upon. Investors are
urged to consider carefully the disclosure in Apache's Annual Report on Form
10-K for the fiscal year ended December 31, 2013, available from Apache at
www.apachecorp.com or by writing Apache at: 2000 Post Oak Blvd., Suite 100,
Houston, Texas 77056 (Attn: Corporate Secretary). You can also obtain this
report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at

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SOURCE Apache Corporation

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