Newfield Exploration, Hess Enter Joint Drilling Venture

Law360, New York (October 14, 2009, 2:33 PM EDT) -- Oil and natural gas producer Newfield Exploration Co. announced Wednesday it had signed a joint venture agreement with energy company Hess Corp. to drill for gas in the Marcellus Shale play in northeast Pennsylvania.

Houston-based Newfield said it would operate the exploration venture, which covers up to 140,000 gross acres in Wayne and Susquehanna counties. Each company will hold a 50 percent stake in the properties.

“Today marks our entry into the Marcellus Shale — likely to become one of our nation's largest natural gas resource...
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