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Newfield Exploration Issues Mid-Year Operational Update

The East Piatu field, which commenced production in early 2012, is today producing 15,000 BOEPD gross (9,000 BOEPD net) and phase II development drilling is underway. The Puteri field is producing approximately 6,000 BOPD gross (2,600 BOPD net).

In addition to the ongoing oil field developments listed above, Newfield recently secured a rig to drill an appraisal well to test a large oil prospect on a 2008 discovery on Deepwater Block 2C (Paus). In addition, the Company will drill an exploration well later this year on Block SK 310. This target is 2.7 miles from Newfield's 2010 pinnacle reef gas discovery located on the same license. The Company serves as operator of both blocks with a 40% interest in Block 2C and a 30% interest in SK 310. Results from the wells are expected in late 2012.

Fabrication of facilities for the Pearl oil field, located offshore China in the Pearl River Mouth Basin, is ongoing. First production of about 15,000 BOPD net is expected in late 2013 or early 2014.

Corporate

On July 18, 2012, the Company completed its previously announced cash tender offer and consent solicitation (Offer) for its 6 5/8% Senior Subordinated Notes due 2016 (2016 Notes), which expired at 12:00 midnight, eastern standard time, on July 17, 2012.  As previously announced, the Company had received tenders by the initial consent date from the holders of $412,851,000 aggregate principal amount of the 2016 Notes, representing approximately 75% of the outstanding 2016 Notes, which the Company purchased on July 3, 2012.  The Company did not receive any additional tenders of the 2016 Notes prior to the expiration of the Offer, and as a result, redeemed the remaining outstanding 2016 Notes equal to $137,149,000 aggregate principal amount on July 18, 2012. 

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, and onshore Texas. The Company has international operations in Malaysia and China.

** This release contains forward-looking information. All information other than historical facts included in this release, such as information regarding estimated or anticipated drilling plans and planned capital expenditures, is forward-looking information. Although Newfield believes that these expectations are reasonable, this information is based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. 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 refining capacity for the crude oil Newfield produces from its Monument Butte field in Utah, the availability and cost of capital resources, labor conditions and severe weather conditions (such as hurricanes). In addition, the drilling of oil and gas wells and the production of hydrocarbons are subject to governmental regulations and operating risks. Other factors that could impact forward-looking statements are described in "Risk Factors" in Newfield's 2011 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other subsequent public filings with the Securities and Exchange Commission, which can be found at www.sec.gov. Unpredictable or unknown factors not discussed in this press release could also have material adverse effects on forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Unless legally required, Newfield undertakes no obligation to publicly update or revise any forward-looking statements.

For additional information, contact the Newfield Communication department.Phone: 281-210-5201 Email: info@newfield.com

 

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