CONOCO AND MARATHON OIL COMPANY MAKES ANNOUNCEMENT.HOUSTON--(BUSINESS WIRE)--Dec. 19, 1994--Conoco and Marathon Oil Marathon Oil Corporation NYSE: MRO, based in Houston, Texas, is a worldwide oil and natural gas exploration and production company. Principal exploration activities are in the United States, Norway, Equatorial Guinea, Angola and Canada. Company have executed agreements to initiate an exchange of oil and gas properties in Wyoming and Montana. The companies said the exchange of assets Exchange of assets Acquisition of another company by purchase of its assets in exchange for cash or stock. is expected to be completed before the end of 1994. Under the agreement, Conoco will acquire Marathon's interests in the Marathon-operated Bruff and Fabian Ditch gas properties in the Green River Basin, Wyoming Basin is a town in, and the county seat of, Big Horn County, Wyoming, United States. The population was 1,239 at the 2000 census. The community is located near the center of the Bighorn Basin with the Big Horn River east of the town. , and the Amoco-operated Elk Basin oil and gas unit in the Bighorn Basin, Wyoming. Conoco will also acquire approximately 2,000 non-producing net acres in the Green River Basin. In exchange, Marathon will receive Conoco's operating interests in the Circle Ridge Field, Wind River Reservation, Wind River Basin, Wyoming, and the Frannie, North Danker, North Sunshine, Gebo, Elk Basin, Elk Basin-Tendolle and South Elk Basin Fields, all located in the Bighorn Basin in Wyoming and Montana. The companies will operate their newly acquired properties from existing facilities in the region. Marathon is expected to make offers of employment to some Conoco employees at the Conoco-operated properties involved in the exchange. "This exchange allows Conoco to continue building its asset base to strengthen our position in a core business area and allow for future growth in North America," said T.E. Davis, vice president, upstream North America. "The exchange will allow Marathon to expand its Northwest Wyoming company-operated operations and to obtain an economy of scale resulting in overall expense savings. Marathon is the leading crude oil producer in Wyoming and plans to apply additional recovery techniques in the acquired properties," according to L.M. Mueller, Marathon's Rocky Mountain region The Rocky Mountain Region is a floristic region within the Holarctic Kingdom in western North America (Canada and the United States) delineated by Armen Takhtajan and Robert F. Thorne. production manager. Marathon is a member of the USX-Marathon Group (NYSE NYSE See: New York Stock Exchange :MRO MRO In currencies, this is the abbreviation for the Mauritanian Ouguiya. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), a unit of USX USX US Steel (Corporation) USX Static Mesh Package (Unreal game file type) USX US Cents (Currency) Corporation. Conoco is the energy subsidiary of DuPont. CONTACT: Conoco, Houston
Carlton Adams, 713/293-1043
or
Marathon Oil Co.,
Bill Ryder, 713/296-3915
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