Newfield Exploration Announces Offering of $650 Million of Senior Subordinated Notes

Jan 20, 2010, 07:44 ET from Newfield Exploration Company

HOUSTON, Jan. 20 /PRNewswire-FirstCall/ -- Newfield Exploration Company (NYSE: NFX) today announced that it has commenced an offering of $650 million of Senior Subordinated Notes due 2020. The Company intends to use the net proceeds from the offering to fund its pending tender offer and consent solicitation for its existing 7 5/8% Senior Notes due 2011, to fund its previously announced pending acquisition of certain of TXCO Resources Inc.'s assets in the Maverick Basin, to repay outstanding borrowings under its credit agreement and for general corporate purposes, including its 2010 capital program.

This announcement shall not constitute an offer to sell or a solicitation of an offer to buy the Senior Subordinated Notes due 2020. The offering will be made under an effective shelf registration statement. A copy of the preliminary prospectus supplement and related base prospectus may be obtained from the SEC's website at 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

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 Mid-Continent, the Rocky Mountains, onshore Texas 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, tender offer and asset acquisition 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


SOURCE Newfield Exploration Company