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Newfield Exploration Issues Mid-Year Operational Update

Stocks in this article: NFX

Eagle Ford

Newfield has approximately 230,000 net acres in the Maverick Basin of Texas and has been active in Maverick, Zavala and Dimmit counties since 2010. In early 2012, Newfield commenced a program to test SXLs on its Eagle Ford acreage.

Year-to-date, Newfield has drilled three successful SXL wells with lateral lengths of approximately 7,500' in Dimmit County. The three SXL wells had average initial gross production rates ranging from 750 BOEPD to 1,020 BOEPD gross. Two of the three wells have been on-line for at least 90 days with average production per well of 600 BOEPD gross for the period. Newfield has a 100% working interest in these wells.

Based on production data to date, Newfield estimates the SXL wells have a gross EUR of more than 500 MBOE. Newfield has approximately 40,000 net acres under assessment and development in the Eagle Ford. Six additional SXL wells are planned for the second half of this year, including a 10,000' lateral.

In addition, Newfield is participating in an outside-operated Eagle Ford program in Atascosa County, Texas, where the Company has an average 65% working interest in approximately 8,000 gross acres which are held by production. Two wells have been drilled to date and are in various stages of completion. Additional drilling is planned in the second half of 2012.

Drilling efficiencies are evident in the Company's Eagle Ford operations, with the recent SXLs being drilled and cased in as few as 12 days. Newfield estimates that SXL wells can be drilled and completed for approximately $8 million gross.

Current net production from the Company's Onshore Gulf Coast area is more than 15,000 BOEPD.

Williston Basin

Newfield's net production in the Williston Basin recently achieved a new high of more than 10,000 BOEPD. The increase reflects strong production rates from six second-quarter 2012 well completions. The recent wells had average initial gross production rates of approximately 2,650 BOEPD. Average lateral lengths were more than 11,000'.

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