Noble Energy Closes Delaware Basin Acquisitions Totaling 7,200 Net Acres
January 09 2017 - 7:00AM
Noble Energy, Inc. (NYSE:
NBL) (“Noble Energy” or
“the Company”) today announced that the Company has finalized the
previously announced bolt-on transactions which have added
approximately 7,200 net acres to the Company’s Southern Delaware
Basin position in Reeves County, Texas. The properties, which
include associated production of approximately 2,400 barrels of oil
equivalent per day, are located within and directly adjacent to the
Company’s existing acreage. Noble Energy’s acreage position and
production in the basin has expanded by approximately 20 percent to
total 47,200 net acres and 12,000 barrels of oil equivalent per
day. Funding for the purchase price of approximately $300 million
came from cash on hand.
Gary W. Willingham, Noble Energy’s Executive Vice President,
Operations, stated, “These additions demonstrate our ability to
further enhance our premier U.S. onshore portfolio through a
disciplined approach. The new acreage expands our Delaware location
inventory by approximately 150 new locations, bringing our total to
over 1,800 future locations, and it also enhances the value of 325
existing drilling locations by extending lateral lengths and
increasing our working interest. We recently added a third drilling
rig into the basin and are aggressively moving forward with
development.”
A map of the acreage is available on the Company’s website on
the ‘News Releases’ page under ‘Investor Relations’.
Noble Energy (NYSE: NBL) is an independent oil
and natural gas exploration and production company with a
diversified high-quality portfolio of both U.S. unconventional and
global offshore conventional assets spanning three continents.
Founded more than 80 years ago, the company is committed to safely
and responsibly delivering our purpose: Energizing the World,
Bettering People’s Lives®. For more information, visit
www.nobleenergyinc.com.
Forward Looking Statements
This news release contains certain “forward-looking statements”
within the meaning of federal securities law. Words such as
“anticipates”, “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 may include estimates of oil and
natural gas reserves, estimates of future production, assumptions
regarding future oil and natural gas pricing, planned drilling
activity, future results of operations, projected cash flow and
liquidity, 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, 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 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,
management’s estimates, or opinions change.
Investor Contacts:
Brad Whitmarsh
(281) 943-1670
brad.whitmarsh@nblenergy.com
Megan Repine
(832) 639-7380
megan.repine@nblenergy.com
Megan Dolezal
(281) 943-1861
megan.dolezal@nblenergy.com
Media Contacts:
Reba Reid
(713) 412-8441
media@nblenergy.com
Paula Beasley
(281) 876-6133
media@nblenergy.com
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