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Press release from Business Wire

Hess Completes Acquisition of American Oil & Gas Inc.

Monday, December 20, 2010

Hess Completes Acquisition of American Oil & Gas Inc.09:15 EST Monday, December 20, 2010 NEW YORK (Business Wire) -- Hess Corporation (NYSE: HES) announced today it has completed the acquisition of American Oil & Gas Inc. The all-stock transaction increases Hess' strategic position in the Bakken oil play in North Dakota by approximately 85,000 net acres. Hess Corporation, with headquarters in New York, is a global integrated energy company engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products. More information on Hess Corporation is available at www.hess.com. Cautionary StatementsThis news release contains projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.These projections and statements reflect the company's current views with respect to future events and financial performance.No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain risk factors.A discussion of these risk factors is included in the company's periodic reports filed with the Securities and Exchange Commission. Hess CorporationInvestors:Jay Wilson, 212-536-8940orMedia:Jon Pepper, 212-536-8550