StatoilHydro

Norway oil company StatoilHydro (NYSE: STO; Oslo: STL) has retained Scotia Waterous Inc. to seek a strategic partner for a joint venture to participate in the evaluation and drilling of its exploration portfolio in the deepwater Gulf of Mexico. The partner will have the opportunity to earn up to 50% of StatoilHydro's interest in exploration prospects targeting the Miocene and Paleogene trends in the deepwater. StatoilHydro has executed drilling contracts for two new-build deepwater dynamically-positioned drilling rigs to begin drilling in 2009. StatoilHydro will retain operatorship. The planned multi-year drilling program could involve leases encompassing 17 prospects. Six prospects are currently near-term drilling candidates. As further prospects are matured, the partner could have the opportunity to participate in additional drill options. The bid due date will be in mid- October. Contact Ron Gajdica, 832-476- 6401.