Marathon Apparent Winner in 16 New Blocks in Central Gulf of Mexico Lease Sale

HOUSTON, March 18 /PRNewswire-FirstCall/ -- Marathon Oil Corporation (NYSE: MRO) today announced that the Company was the apparent high bidder on 16 blocks offered in the Central Gulf of Mexico Lease Sale No. 208 conducted by the Minerals Management Service (MMS). Representing a total investment of approximately $62 million net to the Company, 10 blocks are 100 percent Marathon and the remaining six blocks were bid in conjunction with partners. The blocks cover approximately 92,000 acres (gross) in the deepwater Gulf of Mexico, ranging in water depths from approximately 1,500 feet to 7,500 feet. "These new leases will contribute to Marathon's already strong inventory of growth opportunities and future exploration activity in the deepwater Gulf of Mexico," said Annell Bay, senior vice president of Worldwide Exploration for Marathon. "In today's lease sale we were successful in expanding Marathon's significant position in the Lower Tertiary Play with what we believe are two high-quality prospects that complement our portfolio," Bay said. "And, we added eight well-positioned blocks to our already strong position in the Miocene play. With an inventory of more than four years worth of prospects, we're planning an active drilling program beginning in 2010 when we will have a new-build drilling rig on contract." In 2008 and late 2007, Marathon was the high bidder on 42 blocks offered in the federal Outer Continental Shelf Lease Sales No. 205 and 206. Representing a total investment of nearly $350 million net to the Company, 15 blocks were 100 percent Marathon and the remaining blocks were bid in conjunction with partners. Marathon is an integrated international energy company engaged in exploration and production; oil sands mining; integrated gas; and refining, marketing and transportation operations. Marathon has principal operations in the United States, Angola, Canada, Equatorial Guinea, Gabon, Indonesia, Ireland, Libya, Norway and the United Kingdom. Marathon is the fourth largest United States-based integrated oil company and the nation's fifth largest refiner. For more information on Marathon Oil Corporation, visit the Company's website at www.Marathon.com. This news release contains forward-looking statements concerning the possibility of a significant new resource base and anticipated future exploratory and development drilling activity. These forward-looking statements may be affected by a number of factors or are based on a number of assumptions, including, among others, pricing, supply and demand for petroleum products, amount of capital available for exploration and development, regulatory constraints, timing of commencing production from new wells, drilling rig availability, unforeseen hazards such as weather conditions, presently known data concerning size and character of reservoirs, economic recoverability, future drilling success, production experience, acts of war or terrorist acts and the governmental or military response thereto, and other geological, operating and economic considerations. In accordance with "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, 2008, 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 statements. Media Relations Contacts: Lee Warren 713-296-4103 Leslie Hiltabrand 713-296-4102 Investor Relations Contacts: Howard Thill 713-296-4140 Chris Phillips 713-296-3213 SOURCE Marathon Oil Corporation

Now completely re-designed providing more clarity ...

Now completely re-designed providing more clarity ...

Now completely re-designed providing more clarity ...