Newfield Exploration Offers $425 Million of Senior Subordinated Notes

Newfield Exploration Company announced that it intends to commence an offering of $425 million of Senior Subordinated Notes due 2018. 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 agreement.

This announcement shall not constitute an offer to sell or a solicitation of an offer to buy the Senior Subordinated Notes due 2018. The offering will be made under an effective shelf registration statement.