Apache and Amerada Hess in Acreage Swap

Apache has agreed to sell its 55 percent interest in the deepwater section of Egypt's West Mediterranean Concession to Amerada Hess Corporation for $413 million. Apache also has agreed to purchase Amerada Hess's interests in eight fields located in the Permian Basin of West Texas and New Mexico, six of which are operated, for $404 million.

The Permian Basin transaction is subject to exercise of preferential rights as well as standard closing requirements.

Apache President and Chief Executive Officer G. Steven Farris said, "Apache intends to concentrate and continue its rapid growth in Egypt's Western Desert. Egypt has been good to us and we welcome Amerada Hess as a strong and growing company.

"We are also pleased to add to Apache's present production and position in the Permian Basin. The concurrent sale of our unbooked West Mediterranean reserves enables us to expand and accelerate our production base in the United States," Farris said.