PRESS RELEASE: BP To Establish $100M Charitable Fund

BATON ROUGE, La - BP today announced that it will establish a $100 million charitable fund to support unemployed rig workers experiencing economic hardship as a result of the moratorium on deepwater drilling imposed by the United States federal government. The Rig Worker Assistance Fund will be administered through the Gulf Coast Restoration and Protection Foundation, a supporting organization of The Baton Rouge Area Foundation (BRAF). This voluntary donation fulfills the commitment BP announced on June 16 to provide $100 million in assistance as a gesture of good will for the people of the Gulf Coast region. "BRAF has a strong track record of meeting community needs, and we are confident the Foundation will respond effectively to assist the rig workers who today are struggling to make ends meet," said BP Managing Director Bob Dudley. "The Foundation is committed to moving as quickly as we can to write grants from this donation by BP," said John G. Davies, Foundation president and CEO. "This agreement with BP came together over about three weeks, and we are moving rapidly to create the guidelines related to this grant program. We expect to release all the details of the program within two weeks, then to begin taking applications for grants by Sept. 1." About the Baton Rouge Area Foundation: The Baton Rouge Area Foundation is among the 20 largest community foundations in the country and the largest on the Gulf Coast, and has responded quickly after disasters. After Katrina, for instance, the Foundation raised more than $45 million from donors around the world, including $8.5 million from companies that was distributed to their displaced workers. The Foundation makes the world better in two ways. It connects fund donors - philanthropists - to worthwhile projects and nonprofits. With them, it has granted more than $232 million over 46 years to give people a chance to prosper. The foundation also takes on projects that change the direction of South Louisiana, such as revitalizing downtown, spearheading the building of the Shaw Center for the Arts, supporting innovations in public schools and reclaiming inner-city neighborhoods. For more, visit BRAF.org. Further Information: BP Press Office, US: 281 366 0265 Baton Rouge Area Foundation: 225 387 6126 (MORE TO FOLLOW) Dow Jones Newswires July 30, 2010 10:57 ET (14:57 GMT)