Apco Holds Annual Shareholder Meeting

TULSA, Okla., June 30, 2011 /PRNewswire/ -- Apco Oil and Gas International Inc. (Nasdaq: APAGF) held its annual meeting of shareholders in Tulsa, Okla., today, re-electing current directors Keith E. Bailey and Piero Ruffinengo.

Shareholders also approved the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for 2011, two advisory measures with regard to executive compensation that are consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and the recapitalization of the company.

The recapitalization is designed to facilitate the transfer of The Williams Companies, Inc.'s indirect interest in Apco to a new company, WPX Energy, Inc., a subsidiary of Williams, in a tax efficient manner.

Williams has previously announced that it is pursuing the separation of its exploration and production operations via an initial public offering this year and a subsequent spinoff expected to be completed no later than the first quarter of 2012. WPX Energy was formed to hold Williams' exploration and production business.

The transfer of Williams' interest in Apco will enable Apco to continue to benefit from the exploration and production expertise, personnel and experience that is scheduled to transition from Williams to WPX Energy. Williams retains the discretion to determine whether and when to execute the initial public offering and spin-off of WPX Energy.

The results of the company proposals that were described in Apco's Proxy Statement filed with the Securities and Exchange Commission on June 1, 2011, will be detailed in an 8-K filing next week.

Following the shareholder meeting, Apco's board of directors approved the implementation of the recapitalization plan and a regular quarterly dividend of 2 cents per share on the company's shares.

The dividend is payable on July 25, 2011, to shareholders of record at the close of business on July 15, 2011.

About Apco Oil and Gas International Inc. (NASDAQ: APAGF)

Apco Oil and Gas International Inc. is an international oil and gas exploration and production company with interests in eight oil and gas concessions and two exploration permits in Argentina, and three exploration and production contracts in Colombia. More information is available at www.apcooilandgas.com. Go to http://www.b2i.us/irpass.asp?BzID=1671&to=ea&s=0 to join our e-mail list.

Our reports, filings, and other public announcements may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  We make these forward looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. You typically can identify forward-looking statements by various forms of words such as "anticipates," "believes," "seeks," "could," "may," "should," "continues," "estimates," "expects," "forecasts," "intends," "might," "goals," "objectives," "targets," "planned," "potential," "projects," "scheduled," "will" or other similar expressions. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management and include, among others, statements regarding:

• Amounts and nature of future capital expenditures;
• Volumes of future oil, natural gas, and LPG production;
• Expansion and growth of our business and operations;
• Financial condition and liquidity;
• Business strategy;
• Estimates of proved gas and oil reserves;
• Reserve potential;
• Development drilling potential;
• Cash flow from operations or results of operations;
• Seasonality of natural gas demand; and
• Oil and natural gas prices and demand.

Forward-looking statements are based on numerous assumptions, uncertainties and risks that could cause future events or results to be materially different from those stated or implied in this announcement. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following:

• Availability of supplies (including the uncertainties inherent in assessing, estimating, acquiring and developing future oil and natural gas reserves), market demand, volatility of prices, and the availability and cost of capital;
• Inflation, interest rates, fluctuation in foreign currency exchange rates, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on our customers and suppliers);
• The strength and financial resources of our competitors;
• Development of alternative energy sources;
• The impact of operational and development hazards;
• Costs of, changes in, or the results of laws, government regulations (including climate change legislation and/or potential additional regulation of drilling and completion of wells), environmental liabilities and litigation;
• Political conditions in Argentina, Colombia and other parts of the world;
• The failure to renew participation in hydrocarbon concessions granted by the Argentine government on reasonable terms;
• Risks related to strategy and financing, including restrictions stemming from our loan agreement and the availability and cost of credit;
• Risks associated with future weather conditions, volcanic activity and earthquakes;
• Acts of terrorism; and
• Additional risks described in our filings with the Securities and Exchange Commission ("SEC").

Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to and do not intend to update the above list or to announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.

In addition to causing our actual results to differ, the factors listed above may cause our intentions to change from those statements of intention set forth in this announcement. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.

Investors are urged to closely consider the disclosures and risk factors in our annual report on Form 10-K filed with the SEC on Mar. 9, 2011, and our quarterly reports on Form 10-Q available from our offices or from our website at www.apcooilandgas.com.

SOURCE Apco Oil and Gas International Inc.