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Newfield Announces Two Exploratory Discoveries

HOUSTON, Jan. 8 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX) announced today the results of two key fourth quarter wells in its 1997 exploratory drilling program. Discoveries have been made in the East Cameron 286/287 and Main Pass 256 areas, offshore Louisiana in the federal waters of the Gulf of Mexico.

Newfield drilled the East Cameron 287 #1 well to a measured depth of 10,432 feet and encountered over 125 feet of net gas pay in two sands. The East Cameron 286 #5 well was then drilled approximately 1,200 feet from the #1 well to a measured depth of 11,388 feet and further delineated the discovery. The East Cameron 286 #5 well found over 140 feet of net gas pay in two sands and was tested in the interval from 10,740 to 10,838 feet at gross daily rates of approximately 12.7 million cubic feet of natural gas and 48 barrels of condensate on a 27/64 inch choke with a flowing tubing pressure of 3,380 psi. The blocks lie in 185 feet of water. Newfield acquired an initial interest and became operator of East Cameron Block 286 with the acquisition of nine blocks in the Western Gulf in July, 1997. The discovery, totally separate from existing production on the block, was one of the drilling prospects identified at the time of purchase. Prior to drilling, Newfield acquired the remaining interests in East Cameron 286 and farmed into the adjacent East Cameron 287 to obtain a 100% working interest in the discovery. The Company expects to drill three additional wells from the same surface location. A multi-well platform will be installed and the wells completed in the fourth quarter of 1998.

The discovery well at Main Pass 256 was drilled to a measured depth of 11,889 feet and found 48 feet of net gas pay. A delineation well was drilled approximately 2,000 feet from the discovery to a measured depth of 13,279 feet, and also encountered 48 feet of net gas pay. Newfield owns a 75% working interest and is operator of the discovery. A platform will be installed and the wells completed in early l999. The block lies in 350 feet of water and is in close proximity to the Main Pass 255/259 fields where Newfield owns a non-operated interest.

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

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