Newfield Prices $600 Million of 7.125% Senior Subordinated Notes

Newfield Exploration Company announced that it has priced $600 million of Senior Subordinated Notes due 2018, which will carry an annual interest rate of 7.125%. The Company intends to use the net proceeds from the offering for general corporate purposes, including to fund a portion of its 2008 capital program, and to repay outstanding borrowings under its credit facility. The offering was made under an effective shelf registration statement. Closing of the offering is expected to occur on May 8, 2008, subject to satisfaction of customary closing conditions.

This announcement shall not constitute an offer to sell or a solicitation of an offer to buy the Senior Subordinated Notes due 2018.

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