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Newfield Announces Issuance of 4,000,000 Shares

HOUSTON, Sept. 15 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX) today announced it has agreed to issue 4,000,000 new shares of its common stock. With the new issue, the Company will have approximately 42.3 million shares of common stock outstanding on a diluted basis. The shares are being offered and sold under the Company's universal shelf registration statement.

The shares will be sold to investors in a block trade through Goldman, Sachs & Co. The Company intends to use the offering proceeds of approximately $83 million (net of expenses) to repay a portion of the outstanding debt under its revolving credit facility, thereby creating additional borrowing capacity that will be available to fund exploration and development activities and possible future acquisitions, as well as other corporate purposes. The Company had utilized the credit facility to finance the approximate $77.5 million aggregate purchase price for three recent acquisitions of Gulf of Mexico properties.

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

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