Apache's Egyptian Qasr-3X Well Logs 448 Feet of Net Pay

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Mar 2, 2004

Apache Corporation (NYSE, Nasdaq: APA) announced today that its Qasr-3X well on Egypt's Khalda Concession logged 448 feet of net pay in the Jurassic Lower Safa formation.

"The Qasr-3X, which was drilled 2.1 kilometers (1.2 miles) northwest of our Qasr-2X well and approximately 3.5 kilometers (2 miles) west-northwest of our Qasr-1X discovery, came in as predicted from our seismically defined structure map," said Apache President and Chief Executive Officer G. Steven Farris. "The Qasr-3X encountered 470 feet of gross pay and 448 feet of net pay in the Lower Safa with the same gas/water contact seen in the first two wells.

"With three wells now having encountered very large hydrocarbon columns, we are able to more fully confirm our original estimate of ultimate recoverable reserves in the range of 1 trillion to 3 trillion cubic feet of natural gas and 20 million to 60 million barrels of condensate," Farris said. "Based on the excellent log correlation of the -3X to the two previous wells drilled, no further testing of the well is scheduled at this time. Three additional Jurassic delineation wells and at least one shallower Alam El Bueb (AEB) Cretaceous well at Qasr are planned this year."

Facilities design and procurement are under way to develop an extensive pipeline system from Qasr. The field will be linked to a gas supply hub at Apache's Shams gas field with the ability to transport gas to three existing gas processing plants, two of which are operated by Apache's Khalda Petroleum Company joint venture.

The Qasr-1X discovery well, completed in July 2003, tested at a daily rate of 51.8 million cubic feet (MMcf) of gas and 2,688 barrels of condensate from two zones. The well logged 606 feet of net pay in a 670-foot gross hydrocarbon column. Qasr-2X test-flowed 35.4 MMcf of gas and 1,320 barrels of condensate per day last December from 70 feet of perforations at the base of its 707-foot gross hydrocarbon column containing 669 feet of net pay. The Qasr-2X is currently producing down a six-inch line to the Salam Plant at a restricted rate of 10 MMcf of gas and 400 barrels of condensate per day.

Following the successful Qasr-2X appraisal well, the Egyptian government granted a 95-square-mile (62,000-acre) development lease. An additional 62 feet of pay was logged at shallower depths of the Qasr-2X in the AEB sands that produce oil in the Ozoris field approximately 4 kilometers (2.4 miles) to the northeast. Apache successfully drilled the Qasr-7X well to a depth of 11,672 feet 234 yards south of the Qasr-2X to develop the AEB reservoirs. The Qasr-7X tested at an initial rate of 1,579 barrels of oil per day from 20 feet of perforations in the AEB-3D reservoir.

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