The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from PR Newswire

Apache Acquires 14 Blocks in Central GoM Lease Sale 227

Monday, April 01, 2013

Apache Acquires 14 Blocks in Central GoM Lease Sale 227

17:01 EDT Monday, April 01, 2013

HOUSTON, April 1, 2013 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) today announced that its subsidiaries were the apparent high bidders on nine shallow water blocks and five deepwater blocks in the recent Gulf of Mexico lease sale held by the U.S. Department of the Interior's Bureau of Ocean Energy Management. Lease Sale 227, held March 20 in New Orleans, received 407 bids from 52 companies on 320 tracts, with the high bids totaling more than $1.2 billion.

On the continental shelf, Apache was the sole bidder on all nine blocks where it submitted bids. The company partnered on seven blocks in the Main Pass area, forming a new joint venture with Apache as the operator and holding a 75-percent working interest. The JV is currently shooting seismic over a 633,000-acre area using new wide azimuth technology to collect data and images under and around salt dome structures.

The company holds a 100-percent working interest in its two other shelf leases acquired in the sale. Apache is currently the largest leaseholder on the Gulf of Mexico's continental shelf with interests in more than 500 blocks.

In the deepwater, Apache was high bidder on five of nine bids, with a 50-percent working interest in each lease. Leases were acquired in the DeSoto Canyon, Green Canyon and Mississippi Canyon lease areas, growing the company's prospect inventory with properties near existing industry discoveries. With the exception of one block, all bids were competitive with other GOM operators.

Overall, the company's net exposure for its winning bids was $2.2 million for the shelf and $24.6 million for deepwater blocks.

"With new acreage, new investments and new ideas, we expect that the Gulf of Mexico will continue to generate strong cash flows and excellent returns," said Jon Jeppesen, executive vice president.

About Apache

Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina. Apache posts announcements, operational updates, investor information and copies of all press releases on its website, www.apachecorp.com.

Forward-looking statements

This news release contains 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. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods. These statements include, but are not limited to, statements about seismic date acquisition, potential drilling locations, planned drilling activity, future production, and exploration prospects, and Apache's ability to execute on production and development plans in the Gulf of Mexico. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See "Risk Factors" in our 2012 Form 10-K and our subsequent filings with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.

APA-M

 

 

SOURCE Apache Corporation

For further information: Media: (713) 296-6100, Patrick Cassidy, or (713) 296-7276, Bill Mintz, or (281) 302-2646, John Roper, or (713) 296-6662, Bob Dye; Investor: (281) 302-2286, Brady Parish, Castlen Kennedy, Christopher Cortez, or Alicia Reis

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections