Anadarko Completes Lease Offering of Non-Core Mineral Interests in Arkansas.HOUSTON -- 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. ) today announced that the lease offering by auction of Anadarko's open and unleased mineral interests in Arkansas, including positions in the Fayetteville Fairway and Arkoma Basin, has been completed. Bids were accepted on approximately 30,000 net acres of minerals and generated more than $82 million in lease bonus proceeds, along with a minimum 12.5 percent royalty, subject to customary closing adjustments. "We remain focused on our core operating areas and unlocking value in our portfolio of assets," said Al Walker, Anadarko Sr. Vice President, Finance and CFO See Chief Financial Officer. . "We have accelerated the realization of value from these non-core, non-producing minerals through this innovative leasing approach, while capitalizing on the competition, energy and interest that a live auction provides." Leases were awarded solely on a highest bid-per-lot basis, and post-sale title adjustments must be asserted within 90 days. The auction was conducted by The Oil & Gas Asset Clearinghouse in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. For more information about Anadarko, please visit www.anadarko.com. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to complete its announced asset divestitures and achieve Anadarko's debt reduction goals. See "Risk Factors" in the company's 2006 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. and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements. |
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