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Newfield Announces 264% Reserve Replacement During First Half of 1997

HOUSTON, Sept. 16 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX) reported today that its proved reserves at June 30, 1997 were 379.3 billion cubic feet of natural gas equivalent (Bcfe), a 17% increase over the Company's 323.3 Bcfe of proved reserves at December 31, 1996. Proved reserve additions were 264% of net production for the first six months of 1997.

Proved natural gas reserves increased from 241 Bcf at year-end 1996 to 278 Bcf at June 30, 1997, a 15% increase. Proved oil and condensate reserves increased from 13.7 million barrels to 16.9 million barrels, a 24% increase for the same period.

Newfield explores, develops and acquires oil and gas properties principally in the Gulf of Mexico.
SOURCE Newfield Exploration Company
CONTACT: James P. Ulm, II of Newfield Exploration Company, 281-847-6000

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