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Apache Subsidiary Remains Committed to Redemption

HOUSTON, Dec. 3, 2010 /PRNewswire-FirstCall/ -- Apache Corporation (NYSE, Nasdaq: APA) said today that its subsidiary, Apache Deepwater LLC, remains committed to its previously announced redemption of certain public notes.  

On Nov. 10, 2010, Apache announced that, upon consummation of its merger with Mariner Energy, Inc., Apache Deepwater assumed the following notes of Mariner:(i) the 7.50% senior notes due 2013 (the "7.50% Notes"); (ii) the 11.75% senior notes due 2016 (the "11.75% Notes"); and (iii) the 8% senior notes due 2017 (the "8% Notes" and, together with the 7.50% Notes and the 11.75% Notes, the "Notes").  

Apache Deepwater and certain other Apache subsidiaries have provided notice to the holders of the Notes that they intend to redeem the 7.50% Notes, the 8% Notes and 35 percent of the 11.75% Notes on December 13, 2010. They have also provided notice to the holders of the 11.75% Notes that they intend to redeem the remaining 65 percent of the 11.75% Notes on December 14, 2010.

Pursuant to the provisions of the indenture (including its supplemental indentures) governing the 11.75% notes, Apache Deepwater will redeem 35% of the 11.75% notes with the proceeds of a private equity offering.  In the offering, Apache Deepwater intends to issue 123 million membership units to Apache Corporation in exchange for $123 million prior to December 13, 2010.  The redemption will be made on a pro rata basis.

Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

This news release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, expectations, beliefs, plans and objectives of Apache regarding its business, including its production and exploration activities. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our most recently filed Annual Report on Form 10-K, on our website and in our other public filings and press releases. There is no assurance that Apache's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements. Other than as required by law, Apache assumes no duty to update these statements as of any future date.

APA-F

SOURCE Apache Corporation

News Provided by Acquire Media

This news release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, expectations, beliefs, plans and objectives regarding production and exploration activities. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our most recently filed Annual Report on Form 10-K, on our Web site and in our other public filings and press releases. There is no assurance that Apache's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements. We assume no duty to update these statements as of any future date.

Apache news releases are archived on this Web site for historical purposes. While the information in the releases was accurate at the time of release, information regarding the matters discussed in the releases, including material information, changes over time. Information in a release may, therefore, no longer be accurate or in effect after the date of the release, and Apache undertakes no duty to update such information.

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