Newfield Exploration Closes Purchase of EEX Corporation
Newfield Exploration Company has completed the acquisition of EEX Corporation. On November 26th, shareholders of EEX voted to approve the merger, by which EEX becomes a wholly owned subsidiary of Newfield and will be named Newfield Exploration Gulf Coast Inc. More than 98% of the common shares voted were in favor of the transaction.
"We are excited about closing this transaction and plan to quickly go to work on our new properties," said David A. Trice, Newfield President and CEO.
"With the addition of this acreage, Newfield will be one of the most active companies in South Texas. This acquisition balances our mix of onshore and offshore reserves and provides us with some high-potential drilling plays and prospects along the Texas Gulf Coast and in the Gulf of Mexico. We expect to double the current level of capital investment on EEX's onshore properties in 2003."