Marathon Oil Unveils Increases in Exchangeable Share Ratio

Marathon Oil announced on July 29, 2009, that the Company's board of directors declared a dividend of 24 cents per share on Marathon Oil Corporation's common stock. The dividend is payable September 10, 2009 to stockholders of record August 19, 2009.

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 1.05378. The new exchange ratio will take effect on September 10, 2009 and will remain in effect until the next payment of a cash dividend.