Newfield Sells Interests in North Sea for $486.4 Million
Newfield Exploration has finalized the sale of its interests in the North Sea to Centrica for 486.4 million. The sale included an 85% interest in the Grove Field, an 80% interest in the undeveloped Seven Seas discovery and an interest in approximately 200,000 net acres located in the Southern Gas Basin.
Newfield's production guidance (issued July 25) accounted for this sale and other anticipated divestitures and remains 240 - 253 Bcfe in 2007 and 215 - 230 Bcfe in 2008.
Newfield Exploration Company is an independent crude oil and natural gas exploration and production company. The Company relies on a proven strategy of growing reserves through the drilling of a balanced risk/reward portfolio and select acquisitions. Newfield's domestic areas of operation include the onshore Gulf Coast, the Anadarko and Arkoma Basins of the Mid-Continent, the Rocky Mountains and the deepwater Gulf of Mexico. The Company has international operations in Malaysia and China.
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