Apache, Amerada Hess Complete Transactions in Egypt, Permian Basin

Apache Corporation has completed the sale of its 55 percent interest in the deepwater section of Egypt's West Mediterranean Concession to Amerada Hess Corporation for $413 million.

Apache also completed its purchase of Amerada Hess's interests in eight fields located in the Permian Basin of West Texas and New Mexico, six of which are operated, for $269 million. Apache estimates the acquired interests have proved reserves of 27 million barrels of liquid hydrocarbons and 27 billion cubic feet of natural gas equivalent at year-end 2005. The fields have a current net production of 3,000 barrels of oil, 6 million cubic feet of gas and 285 barrels of natural gas liquids per day. The number of properties involved in this transaction was reduced as a result of third parties exercising their preferential rights to purchase additional interests in some of the fields.

Apache President and Chief Executive Officer G. Steven Farris said, "These transactions enable Apache to concentrate on our rapidly growing onshore concessions in Egypt's Western Desert while expanding our production in the United States."

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