Front Runner Update

Murphy Oil Corporation announced that the exploratory well testing its deepwater "Front Runner" prospect in Green Canyon Block 338 encountered in excess of 850 feet true vertical thickness of pay. Although the appraisal program is in progress and results are preliminary, based upon the outcome of the discovery well, reserves are now estimated to meet or exceed the pre-drill range of 80 to 120 million barrels of oil equivalent. The well was drilled by Noble Drillng's semisubmersible, Noble Amos Runner in approximately 3,500 feet of water and reached a total depth of 22,925 feet. Once the northern appraisal operations currently under way are completed, the well will be sidetracked to the south to drill for additional reserve potential at the Front Runner South prospect. Murphy owns a 37.5 percent working interest in Green Canyon Block 338 and serves as operator; partners are Dominion with a 37.5 percent interest, and Spinnaker Exploration with the remaining 25 percent.