XOM Exxon Mobil Corp

Exxon Mobil Corporation (NYSE:XOM) announced today that its subsidiaries Mobil Cepu Ltd. and Ampolex (Cepu) Pte. Ltd. have signed a Joint Operating Agreement (JOA) with P.T. Pertamina EP Cepu, a subsidiary of P.T. Pertamina, for the Cepu Contract Area located in East and Central Java, Indonesia. The signing of the JOA follows the execution of the Cepu Cooperation Contract in September of 2005 and enables the parties to begin the activities and make the investments required to develop the discovered resources and further explore the block during the thirty-year contract period. The JOA provides the basis for joint development of the block, which will be managed by the parties under a Joint Operating Committee. Pertamina and ExxonMobil each will provide management oversight, technology and manpower under the agreement. "ExxonMobil is pleased that the Joint Operating Agreement has been executed for the Cepu Contract Area," said Rex Tillerson, Chairman and Chief Executive Officer, Exxon Mobil Corporation. "We look forward to working with Pertamina and the Government of Indonesia to bring this important new resource on production. Cepu exemplifies our long-term commitment to invest in opportunities that bring new supplies to market and enhance our global portfolio," added Tillerson. Ampolex (Cepu) Pte. Ltd. and Mobil Cepu Ltd. acquired their respective interests in the Cepu Contract Area in 1997 and 2000 with the approval of both Pertamina and the Government of Indonesia. In March 2001, Pertamina and ExxonMobil announced the Banyu Urip discovery on the Cepu Contract Area. Banyu Urip is estimated to contain more than 250 million barrels of oil. At peak production, the field is expected to produce up to 165,000 barrels of oil per day. The Area has potential for additional exploration and development opportunities. Pertamina and ExxonMobil each hold a fifty-percent interest in the Contract, with the parties anticipating entry of a regional entity at the ten-percent level in the future. The ten percent will be provided equally by both parties. Affiliates of Exxon Mobil Corporation have been operating in Indonesia for more than 100 years. Since 1968, the company has invested more than $17 billion in the country and it currently has 600 employees, more than 95 percent of whom are Indonesian. During its presence in Indonesia, ExxonMobil has been active in developing and assisting communities around its core areas of operations. ExxonMobil has been a major contributor of food, medical supplies, clothing and financial aid to tsunami relief efforts. Exxon Mobil Corporation is a leading international energy company whose subsidiaries have operations in more than 200 countries and territories worldwide. In Asia-Pacific, ExxonMobil has major exploration and production operations in four countries. In addition, the company has a significant refining and marketing presence in more than 12 countries in the region. For more information about ExxonMobil, please visit our website at www.exxonmobil.com. CAUTIONARY STATEMENT: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including resource recoveries, production rates, and project plans and schedules, could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments; reservoir performance; timely completion of development projects; technical or operating factors; and other factors discussed under the heading "Factors Affecting Future Results" in the Investor Information section of our website (www.exxonmobil.com) and in Item 1A of our most recent Form 10-K. References to "resources," "barrels of oil," and similar terms include quantities of oil and gas that are not yet classified as proved reserves but that we believe will be produced in the future.