Marubeni Oil & Gas (USA) Inc. Announces Oil Discovery in the Deepwater Gulf of Mexico.

Tokyo, Japan, Apr 4, 2008 - (JCN Newswire) - Marubeni Oil & Gas (USA) Inc. (a wholly owned subsidiary of Marubeni Corporation) in conjunction with its partners, announces an oil discovery at its Kodiak prospect in the deepwater Gulf of Mexico today.

The well, located in Mississippi Canyon Block 771, is in about 5,000 feet of water, and is located approximately 60 miles southeast of the Louisiana coast. Kodiak was drilled to a total depth of 31,146 feet and encountered about 500 net feet of hydrocarbon-bearing sands in middle and lower Miocene reservoirs. The well data will now be interpreted to assess the size of the discovery.

Marubeni Oil & Gas (USA) Inc. owns an 11.25% working interest in Kodiak. Partners in the Kodiak prospect are BP Exploration & Production Inc., a wholly owned subsidiary of BP America Inc. (operator) with 63.75% working interest and Eni with 25% working interest.

The MC 771 block was part of the deepwater exploration portfolio acquired by Marubeni in March 2006 from Pioneer. This significant discovery is a further step in Marubeni's growth plans for the region.

Marubeni Oil & Gas (USA) Inc. currently owns lease interests in 82 GOM blocks.

About Marubeni

Marubeni Corporation (TSE: 8002; ADR: MARUY) was established in 1858, and is a core company of Marubeni Group, one of Japan's leading general trading houses. Operations encompass domestic import, export and offshore trade. Activities range from the development of natural resources to the retailed marketing of finished products. For the past several years, the Marubeni Group has been establishing and enhancing its worldwide information and communication business. The Marubeni Group focuses on creating "value chain" from upstream to downstream, encompassing a wide variety of business fields, including oil & gas, metals, mineral resources, foods, pulp & paper and chemicals, among others. For more information, please visit www.marubeni.com .

Source: Marubeni

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