Greater Natural Buttes Gets Reserve Upgrade to 9.2 Tcfe

Anadarko Petroleum has identified an additional 2.3 trillion cubic feet of natural gas equivalent (Tcfe) of low-risk resources in the Greater Natural Buttes area of northeastern Utah. The additional resources were identified through the expansion and improved performance of the company's 20-acre down-spacing activities and from new 10-acre infill-drilling opportunities. Including the company's proved reserves of 1.4 Tcfe associated with Greater Natural Buttes, Anadarko now estimates total resources in the area are approximately 9.2 Tcfe.

The company also announced that it expects to sanction and begin booking reserves associated with two of its substantial deepwater discoveries -- the Jubilee field offshore Ghana and Tonga West in the Gulf of Mexico -- in 2008. Anadarko anticipates each field to begin production as early as 2010.

"These announcements are indicative of the robust nature of Anadarko's resource pipeline," Anadarko Chief Operating Officer Karl Kurz said. "We began 2007 with approximately 4 billion BOE of net risked captured resources. We booked approximately 250 million BOE as proved during 2007 and divested approximately 350 million BOE of net risked captured resources. As a result of the recent world-class deepwater discoveries offshore Ghana and in the Gulf of Mexico, coupled with the improved performance and infill drilling inventory in Greater Natural Buttes, we've more than replenished the 4 billion BOE of lower-risk development opportunities."