Newfield Exploration Company says that its proved reserves at December 31, 2009 were 3.6 Tcfe, a 23% increase over proved reserves at year-end 2008. Newfield replaced approximately 250% of 2009 production with the addition of new proved reserves, excluding the impact of new Securities and Exchange Commission (SEC) reserve reporting rules. Substantially all of the reserve additions were from organic drilling programs. The Company's proved reserve life index of approximately 14 years reflects continued growth in longer-lived and more predictable resource plays.

At year-end 2009, approximately 53% of the Company's proved reserves were proved developed and 72% were natural gas. Proved reserves in Newfield's two largest divisions - the Mid-Continent and Rocky Mountains - increased 34% and now represent more than 80% of the Company's total proved reserves.

For 2009, Newfield added 1,342 Bcfe of proved reserves, of which approximately half were related to recent changes in SEC reserve reporting rules expanding proved undeveloped reserve locations beyond one offset. Negative price and performance related revisions were 259 Bcfe and 125 Bcfe, respectively. Our proved developed reserves at year-end 2009 were 4% higher than our proved developed reserves at year-end 2008.

Tags: Newfield Exploration Company