Anschutz Exploration

Anschutz Exploration Corporation announces sale of its remaining
Williston Basin oil and gas properties

Contact: Jim Monaghan

The Anschutz Exploration Corporation (AEC) announced today that it has closed the sale of its remaining operated and non operated producing properties and undeveloped acreage in the Williston Basin of Montana and North Dakota to an undisclosed Canadian oil company for $115 million.  The assets consist of current oil and gas production and undeveloped acres. AEC President Bill Miller said “With this sale, AEC has now exited the Williston Basin after a successful Bakken and Mission Canyon program that began in 2004. Our continuing focus is on emerging shale oil plays in the U.S. on AEC leasehold of over one million net acres, located primarily in Texas, Montana, Colorado and New York.”

In December 2010, Anschutz sold its principal Dunn County acreage position in the Williston Basin to Oxy USA for $1,400,000,000 and sold its Appalachian Basin position in Ohio and Pennsylvania to Chesapeake Energy Corporation for $850,000,000, and retained its acreage and production in New York.

Bank of America Merrill Lynch advised AEC on these transactions.

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