Newfield Signs JV with ExxonMobil to Explore, Develop in South Texas
May 07 2008 - 8:31AM
PR Newswire (US)
Agreement provides for joint development of 87,000 acres HOUSTON,
May 7 /PRNewswire-FirstCall/ -- Newfield Exploration Company
(NYSE:NFX) today announced the signing of an agreement with
ExxonMobil to jointly explore and develop approximately 87,000
gross acres in South Texas, targeting the prolific Vicksburg Trend.
Newfield expects an active drilling program in the area over the
next three years. The agreement covers properties in Kenedy, Brooks
and Hidalgo Counties and complements Newfield's existing activity
areas. Newfield's working interest in the venture is approximately
50%. Expenditures associated with the 2008 drilling program on
these properties were previously included in Newfield's capital
budget. "We are excited about signing the agreement with ExxonMobil
to explore and develop new fields in one of the most productive
areas in South Texas," said David A. Trice, Chairman, President and
CEO. "Our technical teams have already identified prospects and
have an inventory of locations for us to test over the next several
years. We're confident in our ability to add new reserves and
production in 2008 and beyond." Newfield has been active in South
Texas since 2000. Current net production from the region is
approximately 230 MMcfe/d. Newfield owns interests in approximately
482,000 gross lease acres in South Texas. Newfield Exploration
Company is an independent crude oil and natural gas exploration and
production company. The Company relies on a proven growth strategy
of growing reserves through an active drilling program and select
acquisitions. Newfield's domestic areas of operation include the
U.S. onshore Gulf Coast, the Anadarko and Arkoma Basins of the
Mid-Continent, the Rocky Mountains and the Gulf of Mexico. The
Company has international operations in Malaysia and China. **The
statements set forth in this release regarding estimated or
anticipated drilling activity is forward looking and is based upon
assumptions and anticipated results that are subject to numerous
uncertainties. Actual results may vary significantly from those
anticipated due to many factors including drilling results, oil and
gas prices, industry conditions, the prices of goods and services,
the availability of drilling rigs and other support services, the
availability of capital resources, the availability of refining
capacity for the crude oil Newfield produces from its Monument
Butte field in Utah and labor conditions. In addition, the drilling
of oil and gas wells and the production of hydrocarbons are subject
to governmental regulations and operating risks. For information,
contact: Investor Relations: Steve Campbell (281) 847-6081 Media
Relations: Keith Schmidt (281) 674-2650 Email: DATASOURCE: Newfield
Exploration Company CONTACT: Investor Relations, Steve Campbell,
+1-281-847-6081, or Media Relations, Keith Schmidt,
+1-281-674-2650, both of Newfield Exploration Company Web site:
http://www.newfield.com/
Copyright
Newfield Exp Com (NYSE:NFX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Newfield Exp Com (NYSE:NFX)
Historical Stock Chart
From Jul 2023 to Jul 2024