Newfield hits deep shelf discovery

May 1, 2003
Newfield Exploration Co. has made a significant deep shelf discovery at West Cameron block 73, less than 10 mi offshore Louisiana in 30 ft of water. The West Cameron 73 No. 1 well was drilled and evaluated with wireline logs to a total depth of 16,082 ft. The well encountered more than 250 ft of net gas pay in two zones below 15,000 ft.

Newfield Exploration Co. has made a significant deep shelf discovery at West Cameron block 73, less than 10 mi offshore Louisiana in 30 ft of water.

The West Cameron 73 No. 1 well was drilled and evaluated with wireline logs to a total depth of 16,082 ft. The well encountered more than 250 ft of net gas pay in two zones below 15,000 ft.

Newfield is evaluating development plans and expects first production from the field in early 2004. Under new rules proposed by the Minerals Management Service, this discovery would qualify for royalty relief on the first 20 bcf of production.

Newfield acquired the West Cameron 73 block in a 2002 central Gulf of Mexico lease sale for $4.1 million. The discovery well is the first of eight to 10 deep shelf exploration wells that Newfield expects to drill in 2003. Newfield has drilled six successful deep shelf wells out of nine attempts to date.

Newfield operates the West Cameron 73 discovery with a 70% working interest. Westport Resources Corp. owns the remaining 30% interest.

05/01/03