Marathon Announces Two New Deepwater Discoveries in Angola

HOUSTON, Feb. 8 /PRNewswire-FirstCall/ -- Marathon Oil Corporation announced today that its subsidiary, Marathon International Petroleum Angola Block 32 Limited, has participated in two new deepwater discoveries on Block 32 offshore Angola, operated by TOTAL Exploration and Production Angola (Block 32 Ltd). To date, Marathon has announced seven discoveries on Block 32.

The Manjericao-1 discovery well is located approximately 165 kilometers (94 miles) off the Angolan coast in 1,977 meters (6,487 feet) of water. The well was drilled to a total depth of 3,984 meters (13,072 feet) and encountered high quality oil bearing reservoirs. Based on a mini-drill stem test, this well was deemed capable of producing greater than 5,000 barrels of oil per day (bopd). Manjericao is located 37 kilometers (23 miles) northwest of the previously announced Gengibre discovery.

The Caril-1 discovery well is located 16 kilometers (10 miles) west of the previously announced Gindungo discovery in 1,673 meters (5,489 feet) of water. The well was drilled to a total depth of 4,168 meters (13,675 feet). One of the reservoirs in the well was tested and flowed at a rate of 6,300 bopd of light oil.

"The Manjericao discovery is the first well in the western portion of the block and demonstrates the potential in this area. Pre-development studies will be undertaken by the partnership on Caril and Manjericao, in conjunction with our five previously announced discoveries," said Philip Behrman, Marathon senior vice president of Worldwide Exploration.

The concessionaire of Block 32 is Sonangol, Angola's state-owned oil company. Marathon and TOTAL Exploration (the operator of the block) each hold a 30 percent interest in Block 32, while Sonangol P&P holds a 20 percent interest, Esso Exploration and Production Angola (Block 32) has a 15 percent interest and Petrogal has a five percent interest in the block.

Marathon is the fourth-largest U.S.-based fully integrated international energy company engaged in exploration and production; integrated gas; and refining, marketing and transportation operations. The company has principal exploration and production activities in the United States, the United Kingdom, Angola, Canada, Equatorial Guinea, Gabon, Indonesia, Ireland, Libya, and Norway. Marathon also is developing integrated gas projects that are linking stranded natural gas resources with key demand areas where production is declining and demand is growing, particularly in North America. Marathon is the fifth largest refiner in the U.S. The Company's retail marketing system comprises approximately 5,700 locations in 17 states. For more information about Marathon, please visit the Company's Web site at http://www.marathon.com/ .

This news release contains forward-looking statements concerning the possibility of a significant new resource base. These forward-looking statements may be affected by a number of factors or are based on a number of assumptions, including, among others, pricing, supply and demand for petroleum products, amount of capital available for exploration and development, regulatory constraints, timing of commencing production from new wells, drilling rig availability, unforeseen hazards such as weather conditions, presently known data concerning size and character of reservoirs, economic recoverability, future drilling success, production experience, acts of war or terrorist acts and the governmental or military response thereto, and other operating considerations. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Marathon Oil Corporation has included in its Annual Report on Form 10-K for the year ended December 31, 2005, and in subsequent Forms 10-Q and 8-K, cautionary language identifying other important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements.