EXHIBIT 99.7
LETTER OF TRANSMITTAL WITH RESPECT TO
EEX SHARES DELIVERED PURSUANT TO
A GUARANTEE OF DELIVERY
This Letter of Transmittal With Respect to EEX Shares Delivered Pursuant to
a Guarantee of Delivery (this "Letter of Transmittal") is required to be
delivered by each holder of shares of common stock, par value $.01 per share
("EEX Shares"), of EEX Corporation ("EEX") who has provided a Guarantee of
Delivery in the Trust Units Election Form and Letter of Transmittal (the
"Election Form") previously delivered by such holder relating to such holder's
election to receive trust units ("Trust Units") in the Treasure Island Royalty
Trust in lieu of all or a portion of the shares of common stock, par value $.01
per share ("Newfield Shares"), of Newfield Exploration Company ("Newfield") such
holder would otherwise receive as consideration for such holder's EEX Shares
pursuant to the Amended and Restated Agreement and Plan of Merger by and among
Newfield, Newfield Operating Company and EEX dated as of May 29, 2002 (the
"Merger Agreement"). Capitalized terms that are used but not defined in this
Letter of Transmittal shall have the meanings set forth in the Election Form.
Each holder of EEX Shares who provided a Guarantee of Delivery has
guaranteed to deliver to the Exchange Agent EEX Shares covered by such holder's
Election Form by delivery of EEX Share Certificates representing such EEX Shares
or by book-entry transfer through the facilities of The Depository Trust Company
("DTC"). For such holder's Election to be valid, such holder must complete and
timely return to the Exchange Agent this Letter of Transmittal and the required
EEX Shares within three NYSE trading days after the date of execution of such
Guarantee of Delivery. In addition, such holder must provide a copy of such
holder's Election Form with this Letter of Transmittal.
To properly complete this Letter of Transmittal, each holder of EEX Shares
who provided a Guarantee of Delivery must:
- complete the table titled "Description of Shares Delivered" below;
- check the appropriate box(es) set forth below the table regarding the
method of delivery of EEX Shares and provide the information required
thereby;
- if applicable, attach any EEX Share Certificate(s) in certificated form
to be delivered herewith;
- complete and sign the signature box included at the end of this Letter of
Transmittal; and
- deliver the completed and signed Letter of Transmittal and any EEX Share
Certificate(s) in certificated form to the Exchange Agent as follows:
<Table>
If By Mail or By Hand: If By Overnight Courier:
American Stock Transfer & Trust Company American Stock Transfer & Trust Company
59 Maiden Lane 6201 15th Avenue
New York, New York 10038 Brooklyn, New York 11219
</Table>
THE METHOD OF DELIVERY OF THIS LETTER OF TRANSMITTAL AND EEX SHARE
CERTIFICATES IS AT THE ELECTION AND RISK OF THE HOLDER OF EEX SHARES. IF YOU
CHOOSE TO SEND THE MATERIALS BY MAIL, IT IS RECOMMENDED THAT THEY BE SENT BY
REGISTERED MAIL, APPROPRIATELY INSURED, WITH RETURN RECEIPT REQUESTED. Delivery
of the materials will be deemed effective, and risk of loss with respect thereto
will pass, only when such materials are actually received by the Exchange Agent.
1
<Table>
<Caption>
- ---------------------------------------------------------------------------------------------
DESCRIPTION OF SHARES DELIVERED
- ---------------------------------------------------------------------------------------------
NUMBER OF EEX SHARES REPRESENTED BY EACH
EEX SHARE CERTIFICATE NUMBER(S)(1) EEX SHARE CERTIFICATE DELIVERED HEREWITH(1)
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
TOTAL NUMBER OF EEX SHARES DELIVERED IN
CERTIFICATED FORM(2):
- ---------------------------------------------------------------------------------------------
TOTAL NUMBER OF EEX SHARES DELIVERED BY
BOOK-ENTRY TRANSFER(3):
- ---------------------------------------------------------------------------------------------
TOTAL NUMBER OF EEX SHARES DELIVERED
HEREWITH(4):
- ---------------------------------------------------------------------------------------------
</Table>
(1) Complete this section only if EEX Share Certificates are being delivered
with this Letter of Transmittal. Do not complete this section if the EEX
Shares covered by the Guarantee of Delivery are being delivered by
book-entry transfer.
(2) The total number of EEX Shares delivered in certificated form should equal
the total number of EEX Shares represented by the EEX Share Certificate(s)
listed above. If any of the EEX Shares are being delivered in certificated
form, you must also check the first box below and provide the information
required thereby.
(3) Indicate here the number of EEX Shares covered by the Guarantee of Delivery
that are being delivered by book-entry transfer. If any of the EEX Shares
are being delivered by book-entry transfer, you also must check the second
box below and provide the information required thereby.
(4) Indicate here the total number of EEX Shares being delivered with this
Letter of Transmittal.
[ ] CHECK HERE IF EEX SHARES ARE BEING DELIVERED HEREWITH IN CERTIFICATED FORM
AND COMPLETE THE FOLLOWING:
Name(s) of Registered Owner(s): ---------------------------------------------
Date of Execution of Guarantee of Delivery: ---------------------------------
Name of Institution that Guaranteed Delivery: -------------------------------
[ ] CHECK HERE IF EEX SHARES ARE BEING DELIVERED HEREWITH BY BOOK-ENTRY TRANSFER
MADE TO AN ACCOUNT MAINTAINED BY THE EXCHANGE AGENT WITH THE DEPOSITARY
TRUST COMPANY ("DTC") AND COMPLETE THE FOLLOWING (ONLY PARTICIPANTS IN DTC
MAY DELIVER SHARES BY BOOK-ENTRY TRANSFER):
Name of Delivering Institution: ---------------------------------------------
Account Number: -------------------------------------------------------------
Transaction Code Number: ---------------------------------------------------
2
PLEASE SIGN HERE
Signature: --------------------------------------------------------------------
Signature: --------------------------------------------------------------------
Dated: ------------------------------------------------------------------------
Name(s): ----------------------------------------------------------------------
Capacity (if applicable): -----------------------------------------------------
Daytime Area Code and
Telephone Number: --------------------------------------------------------------
Signature(s) of registered holder(s) must be EXACTLY as name(s) appear(s)
in the box on the cover of the Election Form or on the assignment authorizing
transfer.
If signed by a trustee, executor, administrator, guardian,
attorney-in-fact, officer of a corporation or other person acting in a fiduciary
or representative capacity, the capacity of the person signing should be
indicated.
3