Anadarko Announces Sale Of Additional Oil Assets In The Northern Rockies

Houston — Anadarko Petroleum Corporation recently announced it has agreed to sell its interests in the Williston Basin of eastern Montana and western North Dakota to Encore Acquisition Company for $410M. The sale became effective Jan. 1, 2007.

"This sale, coupled with last week's announcement to divest additional oil producing properties in Wyoming, concludes the northern Rockies portion of our asset divestiture plan," Anadarko Chairman, President and CEO Jim Hackett said. "Through this sale and our other announced asset sales, we continue to execute upon our program to reduce debt and build a better growth profile for Anadarko going forward."

About 93 percent of the properties are operated by Anadarko and oil accounted for approximately 90 percent of the 2006 production. The agreement is expected to close by the end of the first quarter of 2007, subject to customary closing conditions and adjustments. Tristone Capital marketed the assets, while Lehman Brothers served as Anadarko's financial advisor.

SOURCE: Anadarko Petroleum Corporation