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Newfield Signs Purchase and Sale Agreement to Acquire GOM Assets

Maritime Activity Reports, Inc.

August 17, 1999

Newfield Exploration Company announced it has signed a purchase and sale agreement to acquire the interests of Ocean Energy, Inc. in three shelf Gulf of Mexico fields. The purchase price is approximately $66 million and the transaction was expected to close by mid-August. Newfield explores, develops and acquires oil and gas properties principally in the Gulf of Mexico.

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