HOUSTON, Oct. 5 /PRNewswire-FirstCall/ -- Newfield Exploration Company
(NYSE: NFX) today announced the closing on its previously announced sale of
its interests in the U.K. North Sea to Centrica plc, the owner of British
Gas, for $486.4 million.
The sale included 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.
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 deepwater Gulf of Mexico. The
Company has international operations in Malaysia and China.
****Production guidance for 2007 and 2008 is forward looking
information that is based upon assumptions and anticipated results that are
subject to numerous uncertainties. Actual results may vary significantly
from guidance due to many factors including drilling results, oil and gas
prices, industry conditions, the prices of goods and services, the
availability of drilling rigs and other support services, the availability
of capital resources, the availability of refining capacity for the crude
oil Newfield produces from its Monument Butte Field in Utah and labor
conditions. In addition, the drilling of oil and gas wells and the
production of hydrocarbons are subject to governmental regulations and
operating risks. Completion of additional divestitures is subject to
Newfield reaching terms with buyers that it considers acceptable and to
satisfaction of customary closing conditions.
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, Media Relations, Keith Schmidt, +1-281-674-2650,
info@newfield.com, both of Newfield Exploration Company
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