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                               [LETTERHEAD]

CONTACTS:

(MEDIA):        JOHN KELSO              (713/296-6155)
                TONY LENTINI            (713/296-6227)
(INVESTOR):     ROBERT DYE              (713/296-6662)

(WEBSITE):      APACHECORP.COM

                                                        FOR IMMEDIATE RELEASE   

                APACHE REPLACES $1 BILLION CREDIT FACILITY,
                     EXPANDS COMMERCIAL PAPER PROGRAM

        Houston, June 24, 1997--Apache Corporation (NYSE: APA) today announced
that it has replaced its $1 billion borrowing-base credit facility with a new
billion-dollar global corporate credit facility and expanded its commercial
paper program to $700 million from $300 million.
        The new global credit facility provides Apache with greater borrowing
capacity, increased financial flexibility and less restrictive covenants, while
lowering its all-in borrowing costs by 7-1/2 basis points.  Terms reflect
Apache's stronger credit ratings.  The new facility was led by Chase Manhattan
and arranged by Chase Securities and J. P. Morgan Securities.
        The new credit arrangement comprises three separate bank facilities:  a
$700 million credit commitment in the United States; a $175 million facility in
Australia; and a $125 million credit line in Canada.  The new facilities enable
Apache to draw on its full $1 billion credit line without restrictions tied to
periodic revaluations of the company's reserves.
        Apache increased the size of its commercial paper program to provide
access to additional low-cost, short-term funds.
        Apache is a large oil and gas independent with operations in North
America, Egypt, Western Australia, Poland, The People's Republic of China,
Indonesia and the Ivory Coast.

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