Noble Energy Agrees to Sell Permian Basin Properties

abarrelfullabarrelfull wrote on 26 Jul 2012 05:18
Tags: deals 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 the Permian Basin to Sheridan Holding Company II, LLC, a privately held Houston based oil and gas company, for $320 million. The transaction has an effective date of April 1, 2012 and is expected to close in August 2012, subject to customary closing conditions and adjustments.

The properties include Noble Energy's interest in about 250 producing wells on approximately 11,000 net acres. As of the effective date, net daily production was over 1,500 barrels of oil equivalent per day consisting of more than 90 percent crude oil and natural gas liquids.

David L. Stover, Noble Energy's President and COO, commented, "The sale of our Permian assets is a continuation of our previously announced divestiture plan. Sales of our non-core assets allow us to focus on the developments within our core areas. Our teams have worked diligently and we are pleased with the pace of divestitures and value received."

Tudor, Pickering, Holt & Co. advised Noble Energy on the transaction.

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