Newfield Prices $700MM of Notes Due 2020

Newfield has priced $700 million of 6 7/8% Senior Subordinated Notes due 2020. The notes were issued at 99.109% of par to yield 7%. The Company intends to use the net proceeds from the offering to fund its pending tender offer and consent solicitation for its existing 7 5/8% Senior Notes due 2011, to fund its previously announced pending acquisition of certain of TXCO Resources Inc.'s assets in the Maverick Basin, to repay outstanding borrowings under its credit facility and for general corporate purposes, including its 2010 capital program. The offering was made under an effective shelf registration statement. Closing of the offering is expected to occur on January 25, 2010, subject to satisfaction of customary closing conditions.



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