Anadarko Apparent Winner On 34 Tracts in National Petroleum Reserve-Alaska Lease Sale.Business/Energy Editors NOTE TO MEDIA: Map is available in a Smart News Release(TM) on Business Wire's Home Page at www.businesswire.com and at www.newstream.com HOUSTON--(BUSINESS WIRE)--June 4, 2002 Anadarko Petroleum Corporation Anadarko Petroleum Corporation (NYSE: APC) is one of the world’s largest independent oil and gas exploration and production companies, with 2.37 billion barrels of oil equivalent (BOE) of proved reserves and a production of 190 million BOE in 2004. Ranked No. (NYSE NYSE See: New York Stock Exchange :APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. ) announced today that it was the apparent high bidder on a total of 34 tracts in Monday's National Petroleum Reserve-Alaska (NPR-A) Oil and Gas Lease Sale 2002. Anadarko and its partner, Phillips Alaska Inc., submitted winning bids representing a combined total investment of $9.6 million ($2.7 million net to Anadarko). The 34 tracts cover more than 282,000 gross acres and are located primarily west of the companies' Moose's Tooth discovery. Monday's federal sale attracted 60 successful bids representing a combined investment of more than $63 million for tracts totaling nearly 580,000 acres. "This additional acreage in the NPR-A will allow us to continue our exploration momentum westward across the petroleum reserve, to examine new ideas and explore new stratigraphic stra·tig·ra·phy n. The study of rock strata, especially the distribution, deposition, and age of sedimentary rocks. strat intervals," said John Seitz, Anadarko president and chief executive officer. "Alaska is an important frontier exploration area. Anadarko is one of the largest acreage holders on the North Slope, and these new tracts further enhance our prospect inventory," Seitz said. With this sale -- the second since the federal government resumed leasing in the reserve in 1999 -- Anadarko's leasehold in NPR-A will total 277,500 net acres. Across the North Slope of Alaska, Anadarko has access to a total of approximately 1.9 million net acres through current and pending leases or options. Anadarko Petroleum Corporation is one of the largest independent oil and gas exploration and production companies in the world. Anadarko reported average daily production of 553,000 barrels of oil equivalent in the first quarter of 2002. U.S. operations are in Texas, Louisiana, the Mid-Continent and Western states, Alaska and the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . Internationally, Anadarko has significant production in Canada, Algeria, Venezuela and Qatar, and it is exploring in several other countries. More information about the company, including recent investor presentations, is available at www.anadarko.com 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 and Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that its goals will be achieved. See Additional Factors Affecting Business in the Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial (MD&A) included in the company's 2001 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . Note: A map is available at URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com/cgi-bin/photo.cgi?pw.060402/bb14 |
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