HOUSTON, Sept. 17 /PRNewswire-FirstCall/ -- Newfield Exploration
Company (NYSE: NFX) today announced the signing of a purchase and sale
agreement to sell all of its interests in the U.K. North Sea to Centrica
plc, the owner of British Gas, for $486.4 million. The sale, which is
subject to U.K. government approvals, is expected to close in the fourth
quarter of 2007. This marks a complete exit by the Company from the North
Sea.
The sale includes an 85% interest in the Grove Field, an 80% interest
in the undeveloped Seven Seas discovery and an interest in approximately
200,000 net acres located in the Southern Gas Basin. The Grove Field
commenced production in April 2007.
Newfield's production guidance (issued July 25) accounted for this sale
and other anticipated divestitures and remains 240 - 253 Bcfe in 2007 and
215 - 230 Bcfe in 2008.
Jefferies Randall & Dewey acted as financial advisor for Newfield in
this transaction.
Newfield Exploration Company is an independent crude oil and natural
gas exploration and production company. The Company relies on a proven
strategy of growing reserves through the drilling of a balanced risk/reward
portfolio and select acquisitions. Newfield's domestic areas of operation
include the 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 regarding the expected
timing of the sale of the Company's U.K. business are forward looking and
are based upon assumptions that are uncertain. The sale is subject to
government approvals and other customary closing conditions. Completion of
Newfield's other proposed divestitures is subject to Newfield receiving
offers that it considers acceptable for the properties.
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:
Investor Relations, Steve Campbell,
+1-281-847-6081, or Media Relations, Keith Schmidt,
+1-281-674-2650, info@newfield.com, both of Newfield Exploration
Company
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