Murphy Drills Duster at Cool Papa Prospect

Murphy Oil revealed that the Cool Papa well, located in Green Canyon Block 380, was unsuccessful. The well was drilled to a total depth of 27,835 feet and was temporarily abandoned. Murphy owned a 37.5% working interest in the well. Pretax dry hole costs for the well were approximately $16 million net to Murphy, and of that amount, approximately $13 million will be charged to expense in the second quarter, with the remainder to be expensed in the third quarter.