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Murphy Oil Announces Natural Gas Discovery Offshore Deepwater Sabah Malaysia

EL DORADO, Ark., Jan 29, 2007 (BUSINESS WIRE) -- Murphy Oil Corporation (NYSE:MUR) announced that its Rotan #1 exploration well encountered significant natural gas pay in a single zone. The well reached a total depth of 7,024 feet and was drilled in 3,773 feet of water in Block H offshore Sabah, Malaysia.

"The results from Rotan #1 are very positive for this new play in Block H, and provide a strong beginning for us in 2007," said Claiborne P. Deming, Murphy Oil Corporation President and Chief Executive Officer. "This is our fourth exploration well in Block H and our first discovery there. We have always believed in the potential of deepwater Sabah and have maintained a high and consistent level of exploration activity since 1999. Success in this new play demonstrates the tremendous opportunity in the area on which to build," he further added.

Murphy, as operator, has an 80% working interest in Block H. PETRONAS Carigali Sdn. Bhd., a wholly owned exploration and production arm of PETRONAS, holds the remaining 20%.

The forward-looking statements reflected in this release are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. No assurance can be given that the results discussed herein will be attained, and certain important factors that may cause actual results to differ materially are contained in Murphy's January 15, 1997 Form 8-K report on file with the U.S. Securities and Exchange Commission.

SOURCE: Murphy Oil Corporation

Murphy Oil Corporation, El Dorado
Investor/Media Relations: Mindy West, 870-864-6315

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