Noble Energy Announces Status of Deep Blue Exploration Well

HOUSTON, May 10 /PRNewswire-FirstCall/ -- Noble Energy, Inc. (NYSE: NBL) announced today that the Deep Blue exploration well on Green Canyon 723 in the deepwater Gulf of Mexico reached a depth of 32,684 feet.  The well found hydrocarbon pay in multiple Miocene intervals.  Noble Energy and partners are proceeding to sidetrack the well to determine the extent and commerciality of the pay zones encountered.  Noble Energy operates the well with 33.75 percent interest.  The Company's partners in the well include BHP Billiton Petroleum (Deepwater) Inc. (31.875 percent), Statoil USA E&P Inc. (15.625 percent), Murphy Oil Corporation (NYSE: MUR) (9.375 percent), and Samson Offshore Company (9.375 percent).  Sidetrack operations are expected to take up to 45 days.  

Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production.  The Company operates primarily in the Rocky Mountains, Mid-Continent, and deepwater Gulf of Mexico areas in the United States, with key international operations offshore Israel and West Africa.  Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL.  Visit Noble Energy online at www.nobleenergyinc.com.

This news release may include projections and other "forward-looking statements" within the meaning of the federal securities laws.  Any such projections or statements reflect Noble Energy's current views about future events and financial performance.  No assurances can be given that such events or performance will occur as projected, and actual results may differ materially from those projected.  Risks, uncertainties and assumptions that could cause actual results to differ materially from those projected include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other action, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's business that are detailed in its Securities and Exchange Commission filings.  Words such as "anticipates," "believes," "expects," "intends," "will," "should," "may," and similar expressions may be used to identify forward-looking statements.  Noble Energy assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.

The Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Beginning with year-end reserves for 2009, the SEC permits the optional disclosure of probable and possible reserves.  We have elected not to disclose the Company's probable and possible reserves in our filings with the SEC. We may use certain terms in this news release, such as "resource potential," that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our Forms 10-K and 10-Q, File No. 1-07964, available from Noble Energy's offices or website, http://www.nobleenergyinc.com. These forms can also be obtained from the SEC by calling 1-800-SEC-0330.

SOURCE Noble Energy, Inc.