Newfield to draw on revolver for purchase of Marcellus Shale assets

By Sara Rosenberg

New York, Nov. 16 - Newfield Exploration Co. plans on using borrowings under its revolving credit facility to fund the $405 million acquisition of about 50,000 net acres in the Marcellus Shale from EOG Resources Inc., according to a news release.

In the long term, borrowings under the revolver will be reduced with proceeds from the sale of certain non-strategic assets.

Closing on the acquisition is expected before year-end and is subject to customary terms and conditions.

Newfield is a Houston-based independent crude oil and natural gas exploration and production company.

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