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NEWS BULLETIN

August 13, 1998 --- Vol. 4, No. 42August 1998

Anadarko Petroleum Corp. signs major exploration agreement with Arctic Slope Regional Corp.

Anadarko Petroleum Corp. said today that it has signed a major exploration agreement with the Arctic Slope Regional Corp., giving Anadarko exclusive access to more lands for exploration than any oil company operating in the state. Anadarko said in a statement that it now has exploratory access for up to 3.3 million acres controlled by ASRC.

Anadarko said the agreement provides it with exploration rights to 2.3 million acres that ASRC has under title today. Anadarko said it also has exploration rights to an additional 1 million acres now held by the U.S. Bureau of Land Management. From that 1 million acres, ASRC will eventually claim title to approximately 240,000 acres as a part of its land selection rights under the Alaska Native Claims Settlement Act.

Following initial evaluation, Anadarko said it has the option to lease prospective acreage from ASRC for further exploratory work. Future phases of the agreement will be based on a work commitment by Anadarko.

“We are excited about our new partnership with ASRC,” John N. Seitz, Anadarko’s executive vice president of exploration and production, said in a statement. “This agreement provides us with access to prospective acreage and it will help maximize the value of these lands for the benefit of the ASRC shareholder. Alaska is now a core area for Anadarko, and we have exploration programs under way in three major hydrocarbon basins: the North Slope, the Cook Inlet and the foothills region.”

Anadarko is calling its ASRC acreage the foothills prospect. The acreage lies primarily west of the trans-Alaska pipeline corridor south of the state’s North Slope areawide leasing area and south of the National Petroleum Reserve-Alaska.

Anadarko said the ASRC acreage is intermingled and adjacent to some of the 26 tracts which the company acquired in state oil and gas lease sale 87 in June. Twenty of those tracts were acquired 100 percent by Anadarko; six tracts were acquired with Fina Inc.

Anadarko is a 22 percent partner in the ARCO Alaska Inc.-operated Alpine field and, under a separate agreement, Anadarko (operator) and ARCO Alaska are exploring 166,000 acres in the Cook Inlet basin where the partners recently spud their first well at the Moquawkie prospect onshore about 7 miles north of Tyonek.

Alyeska announces renewed effort to create effective business environment

Alyeska Pipeline Service Co. President and CEO Bob Malone said today that he is bringing in an independent team to assess and assist Alyeska in achieving an open business environment. The announcement follows a decision by Malone to create a new position at Alyeska to help address the culture change issues Alyeska has been working on for the past five years.

”I believe that many people at Alyeska are making a tremendous effort to move the company forward. But I can’t ignore the information from the BLM’s survey that our employees have difficulty raising concerns. We will have an open environment that achieves business results, is open to different ideas and values people. We take our job as operator of the Trans Alaska Pipeline System very seriously, and with a great deal of pride, and this effort shows our commitment to that job,” said Malone.

Seventeen-year Alyeska veteran Rob Shoaf will be leading the effort to improve the work environment at Alyeska. Alyeska said that Shoaf has met with other companies and studied how they have improved their corporate culture and created a positive business environment. He will be working closely with Little Harbor Consultants to identify employee attitudes and work environment issues, as well as reviewing the Employee Concerns Program and its effectiveness.

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