HOUSTON, May 5 /PRNewswire-FirstCall/ -- Newfield Exploration Company
(NYSE: NFX) today announced that it has priced $600 million of Senior
Subordinated Notes due 2018, which will carry an annual interest rate of
7.125%. The Company intends to use the net proceeds from the offering for
general corporate purposes, including to fund a portion of its 2008 capital
program, and to repay outstanding borrowings under its credit facility. The
offering was made under an effective shelf registration statement. Closing
of the offering is expected to occur on May 8, 2008, subject to
satisfaction of customary closing conditions.
This announcement shall not constitute an offer to sell or a
solicitation of an offer to buy the Senior Subordinated Notes due 2018. A
copy of the prospectus supplement and related base prospectus may be
obtained from the SEC's website at http://www.sec.gov. Alternatively, the
underwriters will provide copies upon request to:
J.P. Morgan Securities Inc.
270 Park Avenue, 8th Floor
New York, NY 10017
Attention: Syndicate Desk
prospectus@jpmchase.com
Morgan Stanley, Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014
Ph: 917-606-8474
prospectus@morganstanley.com
Newfield Exploration Company is an independent crude oil and natural
gas exploration and production company. The Company relies on a proven
growth strategy of growing reserves through an active drilling program and
select acquisitions. Newfield's domestic areas of operation include the
U.S. onshore Gulf Coast, the Anadarko and Arkoma Basins of the
Mid-Continent, the Rocky Mountains and the Gulf of Mexico. The Company has
international operations in Malaysia 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
SOURCE Newfield Exploration Company
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Related links:
http://www.newfield.com
CONTACT:
Investors, Steve Campbell, +1-281-847-6081,
or Media, Keith Schmidt, +1-281-674-2650, both of Newfield
Exploration Company, info@newfield.com
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