NewPower Holdings Inc. said Judge W. Homer Drake Jr. of the U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division, has confirmed its Chapter 11 plan as it applies to subsidiary The New Power Company, and the company expects the court to issue its order in the next several days. Ten days following the order, NewPower will begin paying the allowed pre-petition claims of its creditors. Creditors will receive distributions totaling $8.1 million, representing payment in full of allowed claims plus interest from June 11, 2002, the date the company and its subsidiaries filed voluntary petitions under Chapter 11. NewPower will transfer any cash remaining after such payment to TNPC Holdings, Inc. in satisfaction of all intercompany debt outstanding between them.

Newfield Exploration Co. has hedged an additional 34 Bcf of its expected natural gas production for the period between April 1 through October 31, 2003 at a floor price of $4.87/MMBtu, or about $5.11/Mcf. The cost to Newfield for the transactions is about 25 cents/MMBtu. “The chance to lock in a $5 per Mcf floor price and retain all the potential upside in gas prices made this too compelling to pass on,” said CEO David Trice. “We estimate that our cash flow will far exceed our 2003 capital budget of $450 million, providing us with the flexibility to fund acquisitions, pay down debt or repurchase shares.” He said that at this time, the Houston-based producer was not planning to hedge any additional production for the winter of 2003-2004. Information regarding Newfield’s outstanding hedging positions in its annual report and quarterly reports filed with the Securities and Exchange Commission as well as its company publication, which may be found on the web site at www.newfld.com.

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