<< Back Print Version
Newfield Announces Drilling Results From Block 05/36, Bohai Bay, China; Company Also Provides Update on 2000 Drilling Program

HOUSTON, June 1 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX), along with operator Kerr McGee Corp., today announced results from a recent wildcat well drilled on Block 05/36 in China's Bohai Bay. The Company also provided an update on its recent drilling results.

Bohai Bay, China

The CFD 12-1 #1 well was drilled to 6,804'. Two of the intervals in the Guantao section were tested at a combined rate of 2,562 barrels of oil per day (BOPD). The API gravity of the crude oil was 34 degrees. Additional logged pay seen in the Ming and Lower Guantao sections will be evaluated in future appraisal wells. The CFD 12-1 #1 discovery is located in 70' of water about 10 miles east of a recent field discovery known as CFD 11-1, also operated by Kerr McGee.

A field delineation well and a 3-D seismic program are planned for later this year. The information will be used to help determine aerial extent of the reservoir and commerciality.

Newfield owns a 35% interest in Block 05/36. Kerr McGee owns 50% with Pendaries Petroleum owning the remaining 15%.

U.S. Onshore

Newfield also announced test results from two recent discoveries onshore South Texas. The Real discovery tested 9.5 million cubic feet per day (MMcf/d) and 67 barrels of condensate per day (BCPD) from 45' of net pay in four zones. The Cash discovery encountered more than 150' of net gas pay and flowed 7.4 MMcf/d and 5 BOPD. Both wells were drilled under a joint venture covering the Lower Wilcox beneath the Provident City Gas Field in Lavaca County, Texas. Newfield owns a 100% working interest in the Real discovery and a 75% working interest in the Cash discovery.

Gulf of Mexico

Newfield has drilled two successful wells at Ship Shoal 139. The Ship Shoal 139 #1 well encountered 287' of net hydrocarbon pay. The Ship Shoal 139 #2 offset well is also a discovery and found 133' of net hydrocarbon pay. Newfield is the operator and owns an 82.5% working interest in both discoveries.

The South Timbalier 107 #2 well found 144' of net gas pay. The partners plan to set a platform over the well with first production expected in late 2000/early 2001. Newfield is the operator of the discovery with a 30% working interest.

Through a farm-in agreement, Newfield acquired a 50% working interest in Grand Isle 103. Newfield successfully sidetracked an existing well and encountered 30' of net gas pay. Newfield has a second prospect on the block that is expected to spud before the end of the month.

Australia

Newfield recently drilled a dry hole on a wildcat prospect - Wambenger - located on license area WA 273-P. Newfield operated the prospect with a 70% interest.

Newfield Exploration is an independent crude oil and natural gas exploration and production company. The Company has a solid asset base of producing properties and exploration and development drilling opportunities primarily in the Gulf of Mexico with operations along the U.S. Gulf Coast and offshore Australia. Newfield balances its drilling program with acquisitions in select areas in the U.S. and overseas.

* Certain of the statements set forth in this news release regarding planned activities are forward looking and are based upon assumptions and anticipated results that are subject to numerous uncertainties. Actual activities may vary significantly from those anticipated due to many factors, including drilling results, oil and gas prices, industry conditions, the prices of goods and services, the availability of drilling rigs and other support services and the availability of capital resources. In addition, the drilling of oil and gas wells and the production of hydrocarbons are subject to governmental regulations and operating risks.

     Newfield Exploration Company                  For information, contact:
     363 N. Sam Houston Parkway East, Ste. 2020    Steve Campbell
     Houston, TX 77060                             (281) 847-6081
     www.newfld.com                                sccampbell@newfld.com

SOURCE Newfield Exploration Company
Web site: http: //www.newfld.com
CONTACT: Steve Campbell of Newfield Exploration Company, 281-847-6081, or email, sccampbell@newfld.com

Print Page Print Page   RSS Feeds RSS Feeds   E-mail Alerts Email Alerts