Treasure Island Well to be Abandoned

Newfield Exploration announced results from the Blackbeard West #1 exploration test, located at South Timbalier 168 in 70' of water. The well was drilled to a total depth of 30,067' and encountered a thin gas bearing sand below 30,000'. The well failed to reach its primary targets because of higher than expected pressure. The operator is preparing to temporarily abandon the well.

"Although disappointed that we were unable to test our primary objectives, we have learned a great deal about drilling ultra-deep wells," said David A. Trice, Newfield Chairman, President and CEO. "This has been a challenging well to test a true frontier play, but Newfield is sufficiently encouraged to continue investing in this play. We intend to use the information gathered from this well to investigate if a well can be designed which will allow us to safely test this prospect in the future."

Newfield has invested approximately $25 million (net) to date in the drilling of the Blackbeard West #1 well, which covers multiple blocks in the South Timbalier and Ship Shoal areas offshore Louisiana in the Gulf of Mexico. The Blackbeard West Prospect is subject to a 1.25% overriding royalty interest held by the Treasure Island Royalty Trust.

Blackbeard West #1 is operated by Exxon Mobil Corporation, with a 25% interest in the well. Newfield has a 23% interest. Other co-venturers include BP Exploration and Production Inc. (20%), Petrobras America Inc. (20%), Dominion Exploration & Production Inc. (7%) and BHP Billiton Petroleum (Deepwater) Inc. (5%).

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