Newfield Updates Gulf of Mexico Activities

Newfield logged pay with State Tract 69 #2 in Galveston Bay offshore Texas. The well discovered about 30' of net gas pay. Completion operations are underway. Newfield operates the well with a 25% working interest. The Company plans to drill up to three additional wells in Galveston Bay in 2003.

The company is currently running four operated rigs in the Gulf of Mexico and participating in the drilling of three non-operated wells and expects to drill about 30 wells in the Gulf of Mexico in 2003.

In the Garden Banks Area of the Gulf of Mexico the company is actively drilling wells in what is commonly referred to as the "Flex Trend." These wells are located in 1,200' of water and successful wells in this region would be tied to existing infrastructure. The Garden Banks 22 #2 well is currently drilling. The well has a planned TD of about 12,000'. Newfield holds a 40% working interest in the outside operated test. The Garden Banks 298 #1 well was a dry hole. Newfield had a 40% working interest in the outside operated well. The Garden Banks 208 #1 well was temporarily abandoned. The well was drilled to a total depth of about 8,000' and found about 25' of net gas pay. Newfield operates the well with a 50% working interest. Newfield is currently drilling a well at Garden Banks 161 where it holds a 100% working interest.

The Eugene Island 143 A-2 was a successful well, drilled to delineate a 2002 discovery. The well was drilled to 17,500' and logged pay in four sands. The Company is planning to drill the Eugene Island 143 #3 well from an open water location. The well will have a planned total depth of about 15,000'. Newfield owns a 50% working interest in the wells. The Eugene Island 364 #1 well was a discovery. The well was drilled to approximately 13,500'. Newfield owns a 50% working interest in this outside operated well.

The Ship Shoal 57 #1 well was successful, finding 60' of net gas pay in two sands. The well was drilled to about 12,700'. Newfield owns a 100% working interest in the well.

Dry holes were recently drilled at West Cameron 175 #1, West Delta 132 #1 and Ship Shoal 319 #2. The West Cameron 175 #1 was drilled to a total depth of 15,000'. Newfield had a 55% working interest in the well. The West Delta 132 #1 well was a 6,000' test on an expiring lease sale block. Newfield operated the well with a 67% working interest. The Ship Shoal 319 #2 well was Newfield-operated and was drilled to 13,200'. The Company had a 50% working interest in the well.
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