Participation in the Shale gas projects in Pennsylvania

February 16, 2010 Project

Mitsui Oil Exploration Co., Ltd. ("MOECO", Head office: Hibiya Central Bldg. 2-9, Nishi Shimbashi 1-Chome, Minato-ku, Tokyo, Japan/ President: Mr. Yoshiyuki Kagawa) announced today that MOECO and Mitsui & Co., Ltd. ("Mitsui") have entered into a definitive agreement with Anadarko Petroleum Corporation to participate in the development and production of the Marcellus Shale gas project in the state of Pennsylvania. The agreement was signed between Anadarko Petroleum Corporation and Mitsui E&P USA LLC ("MEPUSA"), a subsidiary newly established in the U.S.A. by MOECO（40%） and Mitsui（60%）.

■Contractual Coverage

Buyer	MEPUSA
Seller	Anadarko Petroleum Corporation (Actual parties to the agreement are Anadarko E&P Company LP and Kerr-McGee Oil and Gas Onshore LP, both fully owned subsidiaries of Anadarko Petroleum Corporation)
Acquired Assets	32.5% of Anadarko Petroleum Corporation's interest in the project leases* (*Initially equivalent to a 15.5% interest in the entire project lease and approximately 100,000 acres net to MEPUSA)

■Summary of the project ( Numbers are net to MEPUSA)

Peak Production	Between 360MMcfd and 460MMcfd
Total Project Costs	Between USD 3.0 and 4.0 billion
Life of Production	Approximately 60 years

The partners of this project will be drilling a few thousand wells during a span of over ten years and the total development cost of MEPUSA is estimated to be between USD 3.0 billion and USD 4.0 billion depending on the progress of the project.
Furthermore, MEPUSA have entered into an Area of Mutual Interest with Anadarko Petroleum Corporation located primarily in the state of Pennsylvania to jointly acquire new leases for a period of ten years to further expand its business.