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Newfield Announces Successful Drilling Results From Appraisal Well on Block 05/36, Bohai Bay, China

HOUSTON, Aug. 18 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX), along with operator Kerr-McGee Corp. (NYSE: KMG), today announced results from a successful field appraisal well drilled on Block 05/36 in China's Bohai Bay.

The CFD 12-1 #2 well was drilled 1.7 miles west-northwest of a recent discovery (CFD 12-1 #1) announced by the partners in June 2000. The CFD 12-1 #2 well was drilled to a total depth of 6,896 feet and encountered oil pay in the Minghuazhen and Guantao sections. The well tested more than 2,700 barrels of oil per day (BOPD) of 26-34 degree API gravity oil. The initial field discovery well, the CFD 12-1 #1, tested 2,562 BOPD of 34 degree API gravity oil.

The wells are located in 90' of water about 10 miles east of a recent field discovery known as CFD 11-1, also operated by Kerr-McGee.

An 810 square kilometer 3-D seismic program over the CFD 11-1 and CFD 12-1 fields is expected to commence this month. The information will be used to help determine areal extent of the reservoirs and to locate additional appraisal wells necessary to establish the commerciality of the CFD 12-1 field.

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

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.

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

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