Attached files
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8-K - FORM 8-K - NEWFIELD EXPLORATION CO /DE/ | nfx8k-01122010.htm |
EX-99.1 - @NFX PUBLICATION - NEWFIELD EXPLORATION CO /DE/ | nfx8k-01122010ex991.htm |
Exhibit
99.2
N e w s R e l e a s
e
FOR
IMMEDIATE RELEASE
January
12, 2010
|
|
Newfield
Exploration Company
363
N. Sam Houston Parkway E. Suite 100
Houston,
Texas 77060
|
Anadarko
Petroleum Corporation
1201
Lake Robbins Drive
The
Woodlands, TX 77380
|
NEWFIELD CONTACT:
STEVE
CAMPBELL
(281)
847-6081
info@newfield.com
|
ANADARKO CONTACTS:
JOHN
COLGLAZIER
(832)
636-2306
john.colglazier@anadarko.com
JOHN
CHRISTIANSEN
(832)
636-8736
john.christiansen@anadarko.com
|
NEWFIELD
AND ANADARKO ANNOUNCE JOINT TRANSACTION IN THE
MAVERICK
BASIN IN SOUTHWEST TEXAS
HOUSTON, Jan. 12, 2010 –
Newfield Exploration Company (NYSE: NFX) and Anadarko Petroleum Corporation
(NYSE: APC) announced today a joint transaction to acquire TXCO Resources Inc.’s
(TXCO) assets in the Maverick Basin of Southwest Texas for up to $310 million.
The final amount will be determined at closing, which is expected in
mid-February 2010. The closing is subject to bankruptcy court
approval.
According
to the terms of the transaction, a wholly owned subsidiary of Anadarko will
acquire more than 80,000 net acres in this basin from TXCO for approximately $93
million and increase its operated working interest in these properties to 75
percent.
Newfield
will acquire substantially all of TXCO’s remaining assets in the Maverick Basin,
which include more than 350,000 gross acres (300,000 net acres), for
approximately $217 million. Current net production of the assets to be acquired
by Newfield is 1,500 BOEPD, of which two-thirds is oil. The acreage has multiple
geologic targets, primarily in the Eagleford and Pearsall
formations.
Newfield
President and CEO Lee K. Boothby said, “This acquisition is consistent with our
goal of focusing on large, domestic plays of scale. Including this transaction,
we have added more than 500,000 net acres in long-lived resource plays over the
last several months. Our acquisition of TXCO’s assets will mark an entry into
the Maverick Basin and provide us with a deep inventory of potential locations –
both oil and gas. We have been active in South Texas for more than a decade and
our people have a proven track record of success. We will ensure that our team
is focused on the right assets in this region to create long-term value for our
shareholders. We expect to have an active drilling program in
2010.”
Bob
Daniels, Anadarko Sr. Vice President, Worldwide Exploration, stated, “The
additional interest being acquired increases our position in this program and
should afford Anadarko strong growth opportunities in the high-potential
emerging Eagleford and Pearsall shale plays. The enhanced liquids yield we’ve
encountered to date in the Eagleford offers significant value and balances the
dry gas opportunities found in the Pearsall. We have been very encouraged with
our early results, are pleased to add to our existing 180,000 net acres in this
area and look forward to continued success.”
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 Mid-Continent, the Rocky Mountains,
onshore Texas and the Gulf of Mexico. The Company has international operations
in Malaysia and China.
Anadarko
Petroleum Corporation’s mission is to deliver a competitive and sustainable rate
of return to shareholders by exploring for, acquiring and developing oil and
natural gas resources vital to the world’s health and welfare. As of year-end
2008, the company had approximately 2.3 billion barrels-equivalent of proved
reserves, making it one of the world’s largest independent exploration and
production companies. For more information about Anadarko, please visit www.anadarko.com.
This news release
contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
The companies believe that their expectations are based on reasonable
assumptions. No assurance, however, can be given that such expectations will
prove to have been correct. A number of factors could cause actual results to
differ materially from the projections, anticipated results or other
expectations expressed in this news release, including drilling risks, the
ability to execute on production and development plans and the ability to
consummate the transactions described in this release. See “Risk Factors” in the
companies’ 2008 Annual Reports on Form 10-K and other public filings and press
releases from the companies. The companies undertake no obligation to publicly
update or revise any forward-looking statements.