Noble Energy Agrees to Sell Mid-Continent Properties

abarrelfullabarrelfull wrote on 13 Jul 2012 05:53
Tags: deals n-america noble upstream usa

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Noble Energy, Inc. (NYSE: NBL) today announced that it has signed a definitive agreement to sell certain oil and natural gas properties in western Oklahoma and the Texas Panhandle to Unit Petroleum Company, a wholly owned subsidiary of Unit Corporation (NYSE: UNT), for $617 million. The transaction has an effective date of April 1, 2012 and is expected to close in September 2012, subject to customary closing conditions and adjustments.

The properties include Noble Energy's interest in about 900 producing wells on approximately 84,000 net acres. As of the effective date, net daily production was nearly 60 million cubic feet equivalent per day and net proved reserves were approximately 250 billion cubic feet equivalent. Production consists of 65 percent natural gas, 27 percent natural gas liquids, and 8 percent oil.

David L. Stover, Noble Energy's President and COO, commented, "This sale is part of our previously announced non-core divestiture plan which will allow us to allocate capital and people to high-value and high-growth areas. Furthermore, it will provide additional flexibility in the implementation of our international program and the acceleration of the horizontal oil play in the DJ Basin."

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