Newfield Inks Exploration Deal with ExxonMobil in South Texas

Newfield Exploration has signed an agreement with ExxonMobil to jointly explore and develop approximately 52,000 gross acres controlled by ExxonMobil 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.

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