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Newfield Exploration Signs Purchase and Sale Agreement to Acquire Gulf of Mexico Assets

HOUSTON, July 26 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX) has announced today that it has signed a purchase and sale agreement to acquire the interests of Ocean Energy, Inc. (NYSE: OEI) in three shelf Gulf of Mexico fields. The purchase price is approximately $66 million and the transaction is expected to close by mid-August.

Newfield explores, develops and acquires oil and gas properties principally in the Gulf of Mexico.

Certain of the statements set forth in this press release regarding planned capital expenditures and operating activities are forward looking and are based upon assumptions and anticipated results that are subject to numerous uncertainties. Actual results may vary significantly from those anticipated due to many factors, including drilling results, oil and gas prices, industry conditions, the prices of goods and services, the availability of drilling rigs and other support services and the availability of capital resources. In addition, the drilling of oil and gas wells and the production of hydrocarbons are subject to governmental regulations and operating risks.

    Newfield Exploration Company             For more information contact:
    363 N. Sam Houston Pkwy. E., Ste. 2020   James P. Ulm, II
    Houston, TX 77060                        (281) 847-6000

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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