ConocoPhillips and Penn State are launching the ConocoPhillips Energy Prize, an awards program that seeks to recognize new ideas and original, actionable solutions that can help improve the way the United States develops and uses energy.

Entries are due May 28.

In its inaugural year, the program will award up to $300,000 in cash prizes and focus on generating innovative ideas and solutions that help in three areas:

· Developing new energy sources, including new ways to develop alternative energy;

· Improving energy efficiency, such as new methods to significantly reduce the amount of energy consumed in the United States; and

· Combating climate change, including solutions that reduce greenhouse gas emissions.

"Providing adequate, reliable and diverse supplies of energy; significantly improving energy efficiency; and taking action on climate change are challenges that will require innovative technology, resource commitments and responsible stewardship by energy producers and consumers alike," said Jim Mulva, chairman and chief executive officer of ConocoPhillips. "With help from Penn State and its award-winning Energy Institute, the ConocoPhillips Energy Prize is one way to generate excitement and interest in fostering new energy ideas and solutions that will ultimately benefit society."

"Our focus is on developing clean, reliable and affordable energy, and through the ConocoPhillips Energy Prize, we can help spur technology research and development in this area of focus," said Dr. William Easterling, dean of Penn State's College of Earth and Mineral Sciences, which houses the EMS Energy Institute. "We are pleased to work with ConocoPhillips on this endeavor, while encouraging the nation's brightest minds to turn their ideas into reality."

A qualified panel of energy and environmental judges will select up to five finalists to present their concepts during a two-day awards event in October. Concepts will be judged on the basis of creativity, scalability, commercial viability and sustainability.

Official rules for the 2008 ConocoPhillips Energy Prize are available online.

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