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Newfield Issues Senior Notes

HOUSTON, Oct. 16 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX) announced today it has placed, through a Rule 144A private placement offering, $125 million in senior unsecured notes due October 2007. The notes have registration rights.

Net proceeds from the sale of the senior unsecured notes were used to repay outstanding indebtedness under the Company's revolving credit facility. The notes were issued at 99.684% of par with a 7.45% coupon, to yield 7.494%, with interest payable on April 15 and October 15, commencing April 15, 1998.

Additionally, Newfield entered into an amended and restated, unsecured, five year, $125 million revolving credit facility on October 9, 1997. The borrowing base under the facility is $225 million and the amount available to the Company after placement of the senior notes is $100 million.

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

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes. The notes have not been registered under the Securities Act of 1933 or state securities laws and may not be sold in the United States absent registration or qualification or an applicable exemption from registration or qualification requirements.
SOURCE Newfield Exploration Company
CONTACT: James P. Ulm, II of Newfield Exploration Company, 281-847-6000

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