HOUSTON, Aug. 20 /PRNewswire-FirstCall/ -- Marathon Oil Corporation (NYSE: MRO) announced on July 31, 2008, that the Company's board of directors declared a dividend of 24 cents per share on Marathon Oil Corporation's common stock. The dividend is payable Sept. 10, 2008 to stockholders of record Aug. 20, 2008.

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 1.01889. The new exchange ratio will take effect on Sept. 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                           1.01362
    Increase in Exchange Ratio*                      0.00527
    New Exchange Ratio                               1.01889
    Effective Date of the New Exchange Ratio         Sept. 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:     Lee Warren      713-296-4103
                                  Paul Weeditz    713-296-3910
    Investor Relations Contacts:  Howard Thill    713-296-4140
                                  Chris Phillips  713-296-3213
                                  Michol Ecklund  713-296-3919

SOURCE Marathon Oil Corporation