Hess Announces Exploration Agreement in Kurdistan Region of Iraq

27.07.2011  |  Business Wire

Hess Corporation (NYSE: HES) announced today that, in partnership with
Petroceltic International PLC, it has signed production sharing
contracts (PSCs) with the Kurdistan Regional Government of Iraq for its
Dinarta and Shakrok exploration blocks.

Hess is the operator and has a 64 percent participating interest and 80
percent paying interest in the blocks, which are located northeast of
Erbil and cover a combined area of 670 square miles (1,737 square
kilometers). Each PSC has an initial three-year exploration period in
which the joint venture plans to acquire 2D seismic and drill at least
one exploration well.

'This expansion into Kurdistan is a good strategic fit for our global
portfolio and offers a material opportunity to grow our reserves and
production,? said Greg Hill, President of Worldwide Exploration and
Production for Hess.

Hess Corporation, with headquarters in New York, is a global integrated
energy company engaged in the exploration, production, purchase,
transportation and sale of crude oil and natural gas, as well as the
production and sale of refined petroleum products. More information on
Hess Corporation is available at www.hess.com.

Forward Looking Statements

Certain statements in this
conference call may constitute 'forward-looking statements' within the
meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended, and Section 27A of the United States Securities Act of
1933, as amended. Forward-looking statements are subject to known and
unknown risks and uncertainties and other factors that may cause actual
results to differ materially from those expressed or implied by such
statements, including, without limitation, uncertainties inherent in the
measurement and interpretation of geological, geophysical and other
technical data.