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Newfield Exploration Agrees to Acquire Gulf of Mexico Assets

HOUSTON, Aug. 4 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX) announced today that it has signed a purchase and sale agreement with Phillips Petroleum Company (NYSE: P) to acquire interests in 42 leases in 22 Gulf of Mexico fields for approximately $22 million. Newfield expects to be named operator in six of the fields. The purchase price and the interests to be acquired will be subject to customary adjustments, including the possible exercise of preferential purchase rights by third parties. Closing of the transaction is expected to occur after preferential purchase rights have been exercised or lapsed.

Newfield explores, develops and acquires oil and gas properties principally in the Gulf of Mexico and has operating activities in the onshore Gulf Coast and offshore Australia and China.
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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