ConocoPhillips Opts Out of Exploration in Two Peru Blocks

ConocoPhillips (NYSE: COP) today announced a decision not to pursue
further exploration activities in Peru Blocks 123 and 129. This decision
to withdraw as operator and opt out of the next exploration period is
part of the company′s strategic plan to optimize its portfolio of assets.

'It was a difficult decision to leave these blocks where we have worked
so closely with communities and demonstrated our ability to work
responsibly in an environmentally sensitive area,? said Larry Archibald,
senior vice president of exploration for ConocoPhillips. 'After careful
consideration, we reached this decision as part of the company′s broader
strategic effort to re-evaluate our investments and asset portfolio
since becoming an independent E&P company.?

ConocoPhillips′ 45 percent interest will be transferred to Gran Tierra
Energy Peru SRL, along with the operatorship of the blocks subject to
government approvals. ConocoPhillips will work with Perupetro, the
Peruvian petroleum licensing agency, and Gran Tierra Energy Peru SRL to
facilitate an efficient transition.

ConocoPhillips recently completed two rounds of seismic exploration
activities in Blocks 123 and 129. The company is proud of the strong
relationships that have been built over several years with about 60
communities near these two blocks in the Marañon Basin. The company also
appreciates the support provided by the Peruvian government and other
stakeholders. For more information about the company′s community
engagement in Peru, please click here.

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About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips had operations and
activities in 30 countries and approximately 16,500 employees as of June
30, 2012. Production averaged 1.59 million BOE per day for the six
months ended June 30, 2012, and proved reserves were 8.4 billion BOE as
of Dec. 31, 2011. For more information, go to www.conocophillips.com.

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'SAFE HARBOR' PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995

This press release contains forward-looking statements.
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ConocoPhillips

Davy Kong, 281-293-2701 (media)

davy.kong@conocophillips.com

or

Bill
Stephens, 281-293-1958 (media)

william.r.stephens@conocophillips.com

or

Vladimir
R. dela Cruz, 212-207-1996 (investors)

v.r.delacruz@conocophillips.com