HOUSTON, Oct. 10 /PRNewswire-FirstCall/ -- Newfield Exploration Company
(NYSE: NFX) today announced the signing of an agreement with Exxon-Mobil to
jointly explore and develop approximately 52,000 gross acres controlled by
Exxon-Mobil in South Texas. Newfield expects that two-to-three drilling rigs
will be active on these properties over the next three years.
The agreement covers properties in Kenedy, Starr and Hidalgo counties, all
of which are located in Newfield's core South Texas activity regions.
Production from these counties has accounted for a significant portion of
Newfield's onshore growth. Since entering South Texas in 2000, Newfield has
grown net production to a current rate of more than 200 MMcfe/d. The growth
is a result of acquisitions, exploration success and field developments. In
addition to the acreage covered under this venture, Newfield owns interests in
more than 200,000 gross lease acres in South Texas.
Newfield Exploration Company 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 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 development projects underway
offshore Malaysia, in the U.K. North Sea and in Bohai Bay, China.
**The statements set forth in this release regarding future drilling
activities are forward looking and are based upon assumptions and anticipated
results that are subject to numerous uncertainties. Actual results may vary
significantly from those anticipated 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, labor conditions and other factors set
forth in the Company's Annual Report on Form 10-K for the year ended
December 31, 2004. In addition, the drilling of oil and gas wells and the
production of hydrocarbons are subject to governmental regulations and
operating risks.
Newfield Exploration Company For information, contact:
363 N. Sam Houston Parkway East, Ste. 2020 Steve Campbell
Houston, TX 77060 (281) 847-6081
http://www.newfld.com info@newfld.com
SOURCE Newfield Exploration Company
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Related links:
http://www.newfld.com
CONTACT:
Steve Campbell of Newfield Exploration
Company, +1-281-847-6081, or info@newfld.com
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