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NEWS BULLETIN

May 04, 2009 --- Vol. 15, No. 42May 2009

ConocoPhillips announces finds at Pioneer 1, Rendezvous 2

ConocoPhillips announced discoveries today from two wells drilled in the National Petroleum Reserve-Alaska in recent winters: Pioneer No. 1 and the Rendezvous No. 2.

The company said, “Test production rates for these wells ranged from about 500 barrels of oil per day to as high as 1,300 barrels of oil per day of high API gravity oil” and gas production rates “averaged about 1.5 million cubic feet per day for each well.”

ConocoPhillips drilled and tested Pioneer No. 1 this March. The company drilled and tested Rendezvous No. 2 in the winter of 2008. The wells are in the Greater Mooses Tooth Unit, approximately 20 miles southwest of the Colville River unit and Alpine field.

ConocoPhillips isn’t planning to further delineate Pioneer or Rendezvous for the time being. The company said the two accumulations “will be pursued as possible satellite developments with processing at the Alpine facilities in the Colville River Unit.”

The Bureau of Land Management approved the Greater Mooses Tooth unit in early 2008, consolidating leases and prospects held by ConocoPhillips and Anadarko. ConocoPhillips owns 78 percent of the unit and Anadarko owns the remaining 22 percent.

ConocoPhillips previously indicated Mooses Tooth could hold as many as five reservoirs.

See story in May 10 issue, available online at noon, Friday May 8 at www.PetroleumNews.com

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