Apache Acquires Novus Interests Offshore Western Australia

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Nov. 13 1998

Apache Corporation (NYSE: APA) today announced that it has reached an agreement to acquire from subsidiaries of Novus Petroleum Limited of Australia certain oil and gas interests in the Carnarvon Basin offshore Western Australia for approximately US$49 million, plus adjustments.

The interests to be acquired have proved and probable reserves of approximately 10.7 million barrels of oil equivalent and daily production of 2,400 barrels of oil equivalent. They are within the Apache-operated Harriet Joint Venture (which includes production, processing and pipeline infrastructure associated with the Varanus Island hub), the Airlie Joint Venture (of which Apache will become operator) and three other exploration permit areas. Apache presently holds working interests in all of the producing properties in the Novus package.

The transaction, which is subject to certain government approvals, is expected to close next month and will be effective July 1, 1998.

Apache is a large oil and gas independent with operations in North America, Western Australia, Egypt, Poland, People's Republic of China and Cote d'Ivoire. Its shares are traded on the New York and Chicago stock exchanges.


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