HOUSTON, Aug. 12 /PRNewswire-FirstCall/ -- Newfield Exploration Company (NYSE: NFX) today announced that it has priced a public offering of 4,700,000 shares of its common stock at $52.85 per share. All shares are being sold by Newfield. Newfield also has granted the underwriters a 30-day option to purchase up to 705,000 additional shares of its common stock to cover over-allotments, if any.
Newfield expects the issuance and delivery of the shares to occur on August 18, 2004, subject to satisfaction of customary closing conditions. Newfield intends to use the net proceeds of the offering to partially fund its recently announced and pending acquisition of Inland Resources Inc.
Morgan Stanley & Co. Incorporated is acting as sole book-running manager for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.
Newfield Exploration Company 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 U.S. onshore Gulf Coast, the Anadarko and Arkoma Basins and select international ventures.
**The statements set forth in this release contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The consummation of the pending acquisition described in this release is subject to the satisfaction or waiver of several conditions, one or more of which may not be satisfied or waived.
Newfield Exploration Company For information, contact: 363 N. Sam Houston Parkway East, Ste. 2020 Steve Campbell Houston, TX 77060 (281) 847-6081 http://www.newfld.com email@example.com
SOURCE Newfield Exploration Company -0- 08/12/2004 /CONTACT: Steve Campbell of Newfield Exploration Company, +1-281-847-6081, firstname.lastname@example.org/ /Web site: http://www.newfld.com / (NFX) CO: Newfield Exploration Company ST: Texas IN: OIL SU: OFR LI -- NYTH171 -- 8490 08/12/2004 23:04 EDT http://www.prnewswire.com