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Newfield Will Redeem Convertible Trust Preferred Securities

HOUSTON, May 28 /PRNewswire-FirstCall/ -- Newfield Financial Trust I (NYSE: NFX PrA), a finance subsidiary of Newfield Exploration Company (NYSE: NFX) has delivered notice that it will redeem all of its outstanding 6-1/2 Cumulative Quarterly Income Convertible Preferred Securities, Series A (QUIPS) on June 27, 2003.

Each QUIPS has a liquidation preference of $50.00. The redemption price per QUIPS is equal to $52.6542 (104.55% of the liquidation preference plus $0.3792 of accrued but unpaid distributions through the redemption date of June 27, 2003). Prior to the close of business on June 27, 2003, each QUIPS may be converted into 1.3646 shares of Newfield common stock. The redemption price, inclusive of accrued but unpaid distributions through the redemption date, on a per share of underlying common stock basis is $38.59.

The QUIPS are issued only in book-entry form and payment of the redemption price will be made through the facilities of the Depository Trust Company in accordance with its procedures applicable to book-entry securities.

On May 27, 2003, Newfield completed the issuance and sale of 3,500,000 shares of its common stock for net proceeds of approximately $131.2 million. Newfield intends to use the proceeds from the offering to redeem the QUIPS. Assuming no holders of the QUIPS elect to convert their QUIPS into the Company's common stock, the total redemption price, inclusive of accrued but unpaid distributions, will be approximately $151.4 million.

Newfield Exploration 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 onshore U.S. Gulf Coast, the Anadarko Basin and offshore northwest Australia.

     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

Source: Newfield Exploration Company
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