Newfield Exploration to redeem $250 million 8 3/8% notes

By Jennifer Chiou

New York, March 29 - Newfield Exploration Co. said it will redeem its $250 million of 8 3/8% senior subordinated notes due 2012 using the proceeds from an offering of notes.

The Houston-based crude oil and natural gas company announced it intends to issue $500 million of senior subordinated notes due 2016.

Remaining proceeds will go towards general corporate purposes, including the company's 2006 capital program.

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