Newfield Closes Sale of CBM Assets

Newfield Exploration has provided an update regarding its producing property sales. Year-to-date, Newfield has entered into transactions to sell or has closed on sales for aggregate proceeds of more than $1.8 billion.


Newfield today announced the signing of two separate purchase and sale agreements with undisclosed private companies providing for the sale of additional producing properties in the Mid-Continent. The combined proceeds from the transactions are expected to be in excess of $56 million. The transactions are expected to close in the fourth quarter of 2007. Current net daily production associated with the properties is approximately 5 MMcfe/d. The properties are primarily located in Hemphill, Wheeler and Gray Counties, Texas and Dewey and Custer Counties, Oklahoma. Combined, the sales include approximately 13,550 net acres.

On September 21, Newfield closed on the sale of its coal bed methane assets in the Cherokee Basin of northeastern Oklahoma for $128 million.


Newfield has closed, or is in the process of closing, on the sale of 25 fields in Texas for approximately $32 million. Net daily production from these fields is approximately 4.5 MMcfe.

The following table summarizes the transactions announced to date:

        REGION          DESCRIPTION            PROCEEDS         STATUS
                                            (in millions)

     Gulf of Mexico     GOM Shelf Assets       $1,100        Closed 8/6/07
     Mid-Continent      Cherokee Basin
                         CBM Assets            $128          Closed 9/21/07
                        Other producing                      Expected
                         assets                $56            close: 10/07
     Onshore Texas      25 fields throughout                 18 fields closed;
                         Texas                 $32            remainder to
                                                              close 4Q07
     North Sea          Sale of entire                       Expected close:
                         North Sea business    $486           10/07
        TOTAL                                  $1,802

In addition to the transactions above, Newfield continues to market its producing assets in Bohai Bay, China.