Newfield, ExxonMobil to target Vicksburg Trend

Houston independent Newfield Exploration Co. has teamed up with ExxonMobil Corp. to jointly explore and develop 87,000 gross acres in South Texas, Newfield said. The agreement covers properties in Kenedy, Brooks, and Hidalgo counties.

May 8, 2008

By OGJ editors
HOUSTON, May 8 -- Houston independent Newfield Exploration Co. has teamed up with ExxonMobil Corp. to jointly explore and develop 87,000 gross acres in South Texas, Newfield said. The agreement covers properties in Kenedy, Brooks, and Hidalgo counties.

Newfield, which has about 50% working interest in the venture, expects an active drilling program in the area over the next 3 years. The companies are to target the prolific Vicksburg Trend, Newfield said.

Expenditures associated with the 2008 drilling program on these properties were previously included in Newfield's capital budget.

Newfield, which has been active in South Texas since 2000, has current net production of 230 MMcfd of gas equivalent from the region.