HOUSTON, July 11, 2012 /PRNewswire/ -- 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."
Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. The Company has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL. Further information is available at www.nobleenergyinc.com.
This news release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Words such as "indicates," "anticipates," "suggests," "possibility," "believes," "expects," "intends," "will," "should," "may," and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. They include planned development activities, business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, exploration and development risks, drilling and operating risks, the presence or recoverability of estimated reserves, the volatility in commodity prices for crude oil and natural gas, the negotiation and execution of definitive agreements, environmental risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's business that are discussed in its most recent annual report on Form 10-K and in other reports on file with the Securities and Exchange Commission. These reports are also available from Noble Energy's offices or website, http://www.nobleenergyinc.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
SOURCE Noble Energy