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EXHIBIT 99.1
[Apache Corporation Letterhead]
CONTACTS:
(Media): Tony Lentini (713/296-6227)
(Investor): Robert Dye (713/296-6662)
(Web site): www.apachecorp.com
FOR IMMEDIATE RELEASE
APACHE COMPLETES PURCHASE OF 496 BCFE PROVED RESERVES
IN PERMIAN, S. TEXAS FROM COLLINS & WARE
Houston, July 5, 2000--Apache Corporation (NYSE: APA) today announced that
it has completed its previously announced acquisition of long-lived producing
properties in the Permian Basin and South Texas from Collins & Ware, Inc., for
$320.3 million.
The assets have proved reserves of approximately 496 billion cubic feet of
gas equivalent (Bcfe), of which one-third is liquid hydrocarbons. In addition,
probable reserves are estimated at 151 Bcfe. Current net production is
approximately 40 million cubic feet of natural gas and 4,000 barrels of liquid
hydrocarbons per day. The transaction was effective June 1.
Apache Corporation is a large oil and gas independent with operations in
the United States, Canada, Egypt, Western Australia, Poland and China.
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