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Overview

Apache is the largest acreage holder and the most active driller in Egypt.  Our largest acreage position is in Egypt at approximately 18.9 million gross acres in 23 separate concessions (19 producing concessions) as of December 31, 2007. Development leases within concessions generally have a 25-year life with extensions possible for additional commercial discoveries, or on a negotiated basis. Apache is the largest producer of liquid hydrocarbons and natural gas in the Western Desert and third largest in all of Egypt.

Egypt contributed 20 percent of Apache’s production revenues and 18 percent of total production in 2007 and approximately 12 percent of total estimated proved reserves.

In 2007, Apache had an active drilling program in Egypt, completing 161 of 192 wells, an 84 percent success rate, and conducted 450 workovers and recompletions. In 2006, we received approval to expand our Western Desert gas processing capacity and infrastructure to process an additional 200 million cubic feet per day primarily from the Qasr field discovery. Work commenced in 2007, and we expect incremental production from the expansion to begin late in the fourth quarter of 2008.