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Newfield Completes Exchange Offer

HOUSTON, Dec. 22 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX) announced today the closing of the exchange of its 7.45% Series B Senior Notes due 2007, which were registered under the Securities Act of 1933, as amended (the "New Notes"), for its outstanding $125,000,000 principal amount of 7.45% Senior Notes due 2007 (the "Old Notes"). The Company commenced the Exchange Offer on November l7, 1997 and it expired on December l9, 1997. All of the Old Notes were tendered in exchange for New Notes in the Exchange Offer.

Newfield Exploration Company explores, develops and acquires oil and gas properties principally 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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