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Newfield Exploration to Offer $225 Million of Senior Subordinated Notes

HOUSTON, Aug. 5 /PRNewswire-FirstCall/ -- Newfield Exploration Company (NYSE: NFX) today announced that it intends to offer $225 million in senior subordinated notes due 2012 in a public offering in connection with its previously announced acquisition of EEX Corporation. The Company made a filing today with the Securities and Exchange Commission relating to this offering, which is being done under Newfield's existing effective shelf registration statement. Newfield will use the net proceeds of the notes to repay debt of EEX Corporation that will become due at the closing of the acquisition. The net proceeds will be held in escrow pending closing, which is expected to occur in late September 2002.

This news release does not constitute an offer to sell or an offer to buy the notes. UBS Warburg, J.P. Morgan, Wachovia Securities, BNY Capital Markets, Inc., Credit Lyonnais Securities and Fleet Securities, Inc. are the underwriters of the offering.

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 in the Gulf of Mexico, along the U.S. Onshore Gulf Coast, in the Anadarko and Permian Basins, offshore Australia and in China's Bohai Bay. Newfield balances its drilling program with acquisitions in select areas in the U.S. and overseas.

     Newfield Exploration Company                 For information, contact:
     363 N. Sam Houston Parkway East, Ste. 2020   Steve Campbell
     Houston, TX 77060                            (281) 847-6081
     www.newfld.com                               info@newfld.com

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SOURCE Newfield Exploration Company
Photo: NewsCom: http: //www.newscom.com/cgi-bin/prnh/20010122/NFXLOGO-b AP Archive: http://photoarchive.ap.org PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840
Web site: http: //www.newfld.com
Company News On-Call: http: //www.prnewswire.com/comp/117962.html
CONTACT: Steve Campbell of Newfield Exploration Company, +1-281-847-6081, or info@newfld.com
CAPTION: NFXLOGO-b NEWFIELD EXPLORATION LOGO Newfield Exploration Company. (PRNewsFoto)[AG] HOUSTON, TX USA 01/22/2001

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