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NEWS BULLETIN

July 14, 2006 --- Vol. 12, No. 40July 2006

Overlying satellite field, Qannik, announced at Alpine

ConocoPhillips and Anadarko Petroleum Corp. announced today discovery and test production from the Qannik accumulation overlying the Alpine oil field on Alaska’s North Slope.

The companies said the Qannik accumulation was tested for 19 days in June 2006 by the CD2-404 well. Average production was 1,200 barrels per day of 30-degree API gravity oil from a 25-foot thick sandstone at 4,000 feet sub sea.

Qannik would be the third satellite field to be developed near Alpine. Fiord and Nanuq, respectively to the north and south of Alpine, are currently being drilled with first production scheduled this year.

Plans to further delineate and develop Qannik are under way, the companies said. The current plan is to develop Qannik from the Alpine CD2 drill site. Project planning will proceed through the remainder of this year and the CD2 gravel pad will be extended during the coming winter, with first production expected by late 2008.

ConocoPhillips is operator of and holds a 78 percent interest in the Alpine field and its satellites, while Anadarko holds a 22 percent interest.

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