HOUSTON, March 29 /PRNewswire-FirstCall/ -- Newfield Exploration Company
(NYSE: NFX) today announced that it intends to commence an offering of $500
million of its Senior Subordinated Notes due 2016. The Company intends to use
the net proceeds from the offering to redeem its 8 3/8% Senior Subordinated
Notes due 2012 ($250 million aggregate principal amount outstanding) and for
general corporate purposes, including to fund a portion of its 2006 capital
program and the redemption premium for the 8 3/8% Senior Subordinated Notes
due 2012.
This announcement shall not constitute an offer to sell or a solicitation
of an offer to buy the Senior Subordinated Notes due 2016. The offering will
be made under an effective shelf registration statement. A copy of the
preliminary prospectus supplement relating to the offering can be obtained
from Morgan Stanley & Co. Incorporated. Direct any requests to Morgan Stanley,
Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by
email: prospectus@morganstanley.com or by phone at 917-606-8474.
Newfield Exploration Company is an independent crude oil and natural gas
exploration and production company. The Company relies on a proven growth
strategy growing reserves through the drilling of a balanced risk/reward
portfolio and select acquisitions. Newfield's domestic areas of operation
include the Gulf of Mexico, the U.S. onshore Gulf Coast, the Anadarko and
Arkoma Basins of the Mid-Continent and the Uinta Basin of the Rocky Mountains.
The Company has international exploration and development projects underway in
Malaysia, the U.K. North Sea and China.
** 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, including the
consummation of the offering, the availability of capital resources to fund
capital expenditures and the use of proceeds. Although the Company believes
that the expectations reflected in this information are reasonable, this
information is based upon assumptions and actual results may vary
significantly from those anticipated due to many factors.
For information, contact:
Investor Relations: Steve Campbell (281) 847-6081
Media Relations: Keith Schmidt (281) 674-2650
Email: info@newfield.com
Newfield Exploration Company
363 N. Sam Houston Parkway East, Ste. 2020
Houston, TX 77060
http://www.newfield.com
SOURCE Newfield Exploration Company
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Related links:
http://www.newfield.com
CONTACT:
Investor Relations: Steve Campbell,
+1-281-847-6081, Media Relations: Keith Schmidt, +1-281-674-2650,
both of Newfield Exploration Company, info@newfield.com
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