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Newfield Announces Rigel Deepwater Discovery

HOUSTON, Nov. 4 /PRNewswire-FirstCall/ -- Newfield Exploration Company (NYSE: NFX) today announced its first deepwater discovery at its Rigel prospect, located at Mississippi Canyon Block 296 in the Gulf of Mexico. The discovery is located in about 5,200' of water.

The Mississippi Canyon 296 #1 well was drilled to a total depth of about 16,200' and encountered 140' of gross gas pay in the main Rob E objective. Additional pay was found in a shallow objective that may allow for a future recompletion. The well has been temporarily abandoned for future use as a subsea completion. Information obtained from the drilling of the well is being evaluated to determine final net pay counts, reserve estimates and development scenarios.

The Rigel development is operated by Dominion Exploration & Production Inc., a wholly owned subsidiary of Dominion (NYSE: D). Newfield owns a 25% working interest in the project.

Newfield Exploration is an independent crude oil and natural gas exploration and production company. The Company relies on a proven growth strategy that includes balancing acquisitions with drill bit opportunities. Newfield's areas of operation include the Gulf of Mexico, the onshore U.S. Gulf Coast, the Anadarko and Arkoma Basins and select international ventures.

  • The above information regarding future development is forward looking and is based upon assumptions and anticipated results that are subject to numerous uncertainties. Actual results 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, the availability of capital resources, labor conditions and other factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2002. 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                               info@newfld.com
    



  • Source: Newfield Exploration Company
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