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                                                                    EXHIBIT 99.1

                                [Press Release]
                              [Apache Letterhead]

CONTACTS:

(MEDIA):         TONY LENTINI     (713) 296-6227
(INVESTOR):      ROBERT DYE       (713) 296-6662

(WEBSITE):       WWW.APACHECORP.COM

                                                           FOR IMMEDIATE RELEASE

                 APACHE ISSUES US$170 MILLION OF 10-YEAR NOTES

         Houston (December 5, 1997) -- Apache Corporation (NYSE: APA) today
announced that its Australian finance subsidiary has issued US$170 million
principal amount of 6-1/2 percent global notes that will mature on December 15,
2007.  The notes are unconditionally guaranteed by Apache.

         The company will have the right to redeem the notes prior to maturity,
subject to certain conditions.  Interest is payable semi-annually, commencing
on June 15, 1998.  Net proceeds from the sale will be employed to refinance
borrowings used to fund Apache's acquisition of certain Mobil Oil Corporation
properties in Australia and for general corporate purposes.  Closing of the
offering is expected to occur on December 9, 1997.

         Residents of Australia and "Associates" (as defined under the Income
Tax Assessment Act of 1936 of the Commonwealth of Australia) are prohibited
from acquiring any interest or rights in the notes.  

         Underwriters are Salomon Smith Barney; Chase Securities Inc.; 
Citicorp Securities, Inc.; and UBS Securities.  Copies of the prospectus 
relating to the notes may be obtained from Salomon Smith Barney, Prospectus 
Department, 7 World Trade Center, New York, New York  10048.

         Apache Corporation is a large oil and gas independent with operations
in North America, Egypt, Western Australia, Poland, People's Republic of China,
Indonesia and Cote d'Ivoire.  Its shares are traded on the New York and Chicago
stock exchanges.

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