NEWS BULLETIN

July 19, 2011 --- Vol. 17, No. 63July 2011

Hilcorp buying Chevronís Cook Inlet assets

This afternoon Hilcorp Alaska LLC and Chevron announced that Chevronís wholly owned indirect subsidiary, Union Oil Company of California, has agreed to sell its Cook Inlet, Alaska oil and gas assets to Hilcorp.

Financial terms were not disclosed.

The transaction is expected to close by year end pending customary regulatory approvals.

Assets in the sale include Union Oil contracts and interests in the Granite Point, Middle Ground Shoals, Trading Bay and MacArthur River fields; interests in 10 offshore platforms; interests in onshore gas fields including the Ninilchik unit and the Beluga River unit; and two gas storage facilities.

Current net production from the assets is some 3,900 barrels of oil and 85 million cubic feet of natural gas per day.

The sale also includes interests in the Cook Inlet Pipe Line Co. and Kenai Kachemak Pipeline LLC.

Chevron will retain its non-operated joint venture interests on the Alaska North Slope and its 1.36 percent interest in the Trans Alaska Pipeline System.

Hilcorp, founded in 1989, is one of the largest privately held independent oil and natural gas exploration and production companies in the United States. Hilcorp is headquartered in Houston, has more than 700 employees and nine operating areas including the Gulf Coast region, the Gulf of Mexico and the Rockies.

Operating across the United States, Hilcorp continues to grow by actively acquiring and exploiting conventional assets while expanding its footprint into a number of new resource plays.

Hilcorp has been recognized for its progressive culture, values and ethics.

For more information about Hilcorp, go to www.hilcorp.com.

See story in July 24 issue, available online at 11 a.m., Friday, July 22, at www.PetroleumNews.com


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