Newfield Exploration Names Schaible President & CEO

In conjunction with Newfield Exploration's recent Board of Directors meeting, several executive promotions were approved.

David F. Schaible, 46, was named President and Chief Operating Officer effective as of August 1, 2007 and will continue to serve on the Company's Board of Directors. Schaible was one of the founders that joined Joe B. Foster in 1989 when the Company began operation. He has held positions of increasing responsibility within Newfield throughout the Company's 18-year history. Schaible has been a leader in the evaluation, selection and acquisition of select companies and properties since 2000 that have diversified Newfield's asset base while creating a platform for future growth.

Prior to this promotion, Schaible served as Newfield's Executive Vice President - Operations and Acquisitions. He previously served as Vice President - Acquisitions and Development and was added to the Board in 2002. Prior to this, he served as Manager - Acquisitions and Development of the Company. Schaible was Newfield's Coordinator - Acquisitions and Marketing from 1991-92 and a Petroleum Engineer from 1989-91. Before joining Newfield, Schaible was a Senior Production Engineer in the Eastern Gulf Division of Tenneco Oil Exploration and Production Company. Schaible has a degree in Petroleum Engineering from Marietta College and is active in the Society of Petroleum Engineers.

Schaible will continue to report to David A. Trice. Trice will retain the title of Newfield Chairman and Chief Executive Officer.

"Dave Schaible has consistently demonstrated his many abilities over the years in each position he has held -- adding value for the Company and our shareholders," said Trice. "His leadership and knowledge of the business and industry were instrumental in the screening and selection of our strategic acquisitions. He's earned the respect of our employees, shareholders and his industry peers."

Lee K. Boothby, 45, will be named Senior Vice President - Acquisitions and Business Development effective as of October 1, 2007. He currently serves as Vice President - Mid-Continent. Boothby has been responsible for leading Newfield's development of the growing Woodford Shale Play in southeastern Oklahoma, along with other plays that have led to this division's significant growth. From 1999-2001, Boothby was Managing Director - Newfield Exploration Australia Ltd. and managed the Company's operations in the Timor Sea (divested in 2003) from Perth, Australia. Prior to joining Newfield in 1999, Boothby worked for Cockrell Oil Corporation, British Gas and Tenneco Oil Company. He is a member of the Society of Petroleum Engineers and the Independent Petroleum Association of America. He serves on the Board of Directors of the Oklahoma Independent Petroleum Association (OIPA) and the Oklahoma Energy Resources Board (OERB). Boothby holds a degree in Petroleum Engineering from Louisiana State University and an M.B.A. from Rice University.

In this new position, Boothby will be relocating to the Company's headquarters in Houston, Texas.

George T. Dunn, 49, will be named Vice President - Mid-Continent and will be relocating to Tulsa, Okla., effective as of October 1, 2007 to lead that team as it continues the development of the Woodford Shale and other resource plays in the region. Dunn was most recently Vice President - Gulf Coast where he led this division in the development of joint ventures to expand operations in South Texas. Prior to this position, he was General Manager - Gulf Coast. Dunn took over responsibility for the onshore Gulf Coast effort in mid-2001 and was responsible for integration of the Company's acquisition of EEX Corporation and the growth that followed. Prior to managing the onshore Gulf Coast operations, Dunn was the General Manager of Newfield's Western Gulf of Mexico division. Before joining Newfield in 1992, Dunn was employed by Meridian Oil Company and Tenneco Oil Company. Dunn holds a degree in Petroleum Engineering from the Colorado School of Mines.

John H. Jasek, 37, will become Vice President - Gulf Coast effective October 1, 2007. This division will be comprised of Newfield's Gulf of Mexico and onshore Gulf Coast asset teams. Jasek was previously Vice President - Gulf of Mexico. He has led the Company's Gulf of Mexico team since joining the organization in 2000. Prior to Newfield, Jasek worked for Anadarko Petroleum Corporation and Amoco Production Company. Jasek is a member of the Society of Petroleum Engineers and the American Petroleum Institute. He is a graduate of Texas A&M University with a degree in Petroleum Engineering.

John D. Marziotti, 44, was named Newfield's General Counsel effective as of August 1, 2007. Prior to joining Newfield in 2003 as Corporate Counsel, he was a partner at Strasburger & Price, L.L.P. in Houston concentrating on energy-related litigation. Marziotti has a degree in Political Science from The College of Charleston and a law degree from Southern Methodist University.

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 the drilling of a balanced risk/reward portfolio and select acquisitions. Newfield's domestic areas of operation include the Anadarko and Arkoma Basins of the Mid-Continent, the Rocky Mountains, the onshore Gulf Coast and the Gulf of Mexico. The Company has international operations in Malaysia, China and the U.K. North Sea.


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