Marathon Oil Increases Exchangeable Share Ratio

Marathon Oil Corporation announced on January 28, 2008, that the company's board of directors declared a dividend of $0.24 per share on Marathon Oil's common stock. The dividend is payable March 10, 2008 to stockholders of record Feb. 20, 2008.

In connection with Marathon's acquisition of Western Oil Sands Inc. and the terms of the provisions applicable to the exchangeable shares, the ratio at which exchangeable shares may be exchanged for shares of Marathon common stock is subject to adjustment to account for cash dividends paid on Marathon common stock that are not matched by dividends paid to holders of the exchangeable shares.

For former shareholders of Western Oil Sands Inc. who hold exchangeable shares, the new exchange ratio is 1.00909. The new exchange ratio will take effect on March 10, 2008 and will remain in effect until the next payment of a cash dividend.


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