Noble Energy to sell Oklahoma, Texas properties
Noble Energy has recently signed an agreement to sell oil and natural gas properties in western Oklahoma and the Texas Panhandle to Unity Petroleum Company, a subsidiary of Unity Corporation.
The transaction will be worth $617 million and will take effect April 1.
Properties included in the deal include 900 producing wells over 84,000 net acres.
The net daily production of these wells are nearly 60 million cubic feet per day and reserves are approximately 250 billion cubic feet. Production consists of 65 percent natural gas, 27 percent natural gas liquids and 8 percent oil.
“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,” said David L. Stover, president and COO of Noble Energy, in the press release. “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 operates in the U.S., the Gulf of Mexico, offshore Eastern Mediterranean and offshore West Africa.
For more information, visit www.nobleenergyinc.com.
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