Marathon Oil Corporation Announces Increase in Exchangeable Share Ratio

In connection with Marathon's acquisition of Western Oil Sands Inc. and the terms of the provisions applicable to the exchangeable shares, the ratio at which exchangeable shares may be exchanged for shares of Marathon common stock is subject to adjustment to account for cash dividends paid on Marathon common stock that are not matched by dividends paid to holders of the exchangeable shares.

For former shareholders of Western Oil Sands Inc. who hold exchangeable shares, the new exchange ratio is 1.02811. The new exchange ratio will take effect on Dec. 10, 2008 and will remain in effect until the next payment of a cash dividend.

    The New Exchange Ratio is calculated as follows:

    Current Exchange Ratio                           1.01889

    Increase in Exchange Ratio*                      0.00922

    New Exchange Ratio                               1.02811

    Effective Date of the New Exchange Ratio   Dec. 10, 2008

* The increase in the Exchange Ratio is calculated by multiplying the Marathon dividend per share of common stock by the Opening Exchange Ratio and dividing by the five day weighted average trading price of MRO common stock on the date that is three business days prior to the Marathon dividend record date.

    Media Relations Contacts:        Leslie Hiltabrand   713-296-4102
                                     Paul Weeditz        713-296-3910
    Investor Relations Contacts:     Howard Thill        713-296-4140
                                     Chris Phillips      713-296-3213

SOURCE Marathon Oil Corporation

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