Newfield wrap up EEX buyout

Newfield Exploration Company has completed the acquisition of EEX Corporation, making it one of the most active companies in South Texas, according to President David Trice.

EEX will become a wholly owned subsidiary of Newfield and will be named Newfield Exploration Gulf Coast Inc after the deal was approved by more than 98% of shareholders.

"This acquisition balances our mix of onshore and offshore reserves and provides us with some high-potential drilling plays and prospects along the Texas Gulf Coast and in the Gulf of Mexico. We expect to double the current level of capital investment on EEX's onshore properties in 2003," he said.