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NEWS BULLETIN

March 31, 2009 --- Vol. 15, No. 28March 2009

Marathon anticipates slowdown in drilling this year

Marathon Oil plans to drill around half as many producing wells in Alaska this year as it did last year, a top official with the company told oil industry representatives March 26.

“The current market situation has forced companies to further prioritize capital programs. The Alaska region for Marathon is no exception,” Carri Lockhart, Alaska production manager for the Houston-based company, told the Alaska Support Industry Alliance.

Lockhart anticipated drill “roughly a 40 to 60 percent” fewer producing wells this year.

Marathon drilled and completed nine wells in 2008 according to the Alaska Oil and Gas Conservation Commission, down from 11 in 2007, but up from eight drilled in 2006.

See story in April 5 issue, available online at noon, Friday, April 3 at www.PetroleumNews.com

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