NEWS

Participation in Eagle Ford Shale Oil/Gas Development in Texas

September 24, 2013 Project

Mitsui Oil Exploration Co., Ltd. is pleased to announce that MOECO approved the participation in the Eagle Ford Shale development in Texas, USA ("the Project"), which is currently owned by Mitsui & Co., Ltd.("Mitsui") through Mitsui's 100% subsidiary Mitsui E&P Texas LP ("MEPTX"), by acquiring 40 percent of MEPTX's equity.

Mitsui initially acquired the interest in the Project in December 2011 and since then has participated in the development and production. Assisted by the recent firm oil prices and by focusing the development on high productivity areas, high profitable production of shale oil is expected. Capital will be spent as drilling activities and facility expansion progress.

This participation will lead further collaboration with Mitsui in USA, diversification of MOECO's portfolio and expansion of its assets to underpin future growth.

Project Life Outlook(MEPTX net):

Project lease Eagle Ford Shale area, Texas, USA
Acquired Assets 12.5% working interest of the project, approx. 39,000 net
acres of Eagle Ford Shale
Operator Anadarko Petroleum Corporation
Peak Production approx. 26,000 - 32,000 boed (barrels of oil equivalent per day)
Total Production approx. 135 million boe
Total Development Cost USD 2.2 billion plus
Life of Production approx. 30 years

(Above figures are based on MOECO's latest estimate)

MEPTX Company Profile:

Name of Company Mitsui E&P Texas LP
Head Office Houston, Texas, USA
Establishment June 24, 2011
Shareholders As of September 2013
Mitsui & Co., Ltd.: 100%
October 2013 onwards
Mitsui & Co., Ltd.: 60%
Mitsui Oil Exploration Co. Ltd.:40%