Murphy Oil Corp. Announces Lease Sales Results.EL DORADO, Ark.--(BUSINESS WIRE)--March 20, 1998--Murphy Oil Corporation (Murphy) (NYSE NYSE See: New York Stock Exchange : MUR Mur (m  r), Hung., Slovenian, and Croatian Mura (m `rä), river, c. ) announced today its successful
participation in OCS OCS - Object Compatibility Standard Lease Sale 169, covering the Central 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 MexicoGolfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , held March 18, 1998 in New Orleans, Louisiana. Bidding solely or with partners, Murphy was the high bidder on 20 offshore tracts, including 14 in deep water, with bids totaling $28.2 million. Murphy plans to operate the six shelf blocks and all but three of the deepwater tracts with an average working interest in excess of 56%. Murphy's net high bids for the 20 blocks, the award of which is subject to the approval of the Minerals Management Service section of the U.S. Department of the Interior, totaled $12.8 million. Claiborne P. Deming, President and Chief Executive Officer, commented, "We are extremely pleased with the results of the lease sale. We captured four of our top five deepwater prospects and our top six on the shelf. Our success in this sale complements Murphy's already strong acreage position in the Gulf and further enhances our commitment to this important basin." CONTACT: Murphy Oil Corp., El Dorado Investor Relations Investor relations The process by which the corporation communicates with its investors. : Kevin G. Fitzgerald, 870/864-6272 Public Relations: Betty LeBrescu, 870/864-6222 http://www.murphyoilcorp.com |
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