HOUSTON, Dec. 27 /CNW/ -- Noble Energy, Inc. (NYSE: NBL) today announced
that it has entered into an agreement to sell its interest in the El Tordillo,
La Tapera, and Puesto Quiroga concessions in southern Argentina to a
subsidiary of Petrobras for a sales price of $117.5 million. The effective
date of the sale is July 1, 2007. The sale, which is subject to regulatory
and partner approvals, is expected to close in 2008.
Charles D. Davidson, the company's Chairman, President, and CEO, said,
"Noble Energy continues to focus its attention and capital in areas that
provide significant growth potential for the Company, while divesting non-core
assets. The sale of our Argentina assets is another step in that process."
Production, net to Noble Energy, from the assets sold averaged 2,850
barrels of oil per day in the third quarter 2007. After-tax net proceeds from
the sale will be approximately $80 million.
The above discussion of the cash proceeds associated with the sale is
based on estimates of market conditions at closing. All estimates are subject
to change based on post-closing adjustments, if applicable.
Noble Energy is one of the nation's leading independent energy companies
and operates throughout major basins in the United States including Colorado's
Wattenberg Field, the Mid-continent region of western Oklahoma and the Texas
Panhandle, the San Juan Basin in New Mexico, the Gulf Coast and the deepwater
Gulf of Mexico. In addition, Noble Energy operates internationally in China,
Ecuador, the Mediterranean Sea (Israel), the North Sea (UK, the Netherlands,
and Norway), West Africa (Equatorial Guinea and Cameroon) and Suriname. Visit
Noble Energy online at http://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. Important factors that could cause the
actual results to differ materially from those projected include, without
limitation, the possibility that the proposed sale will not be consummated,
the volatility in commodity prices for oil and 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. 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.
For further information:
For further information: David Larson of Noble Energy, Inc.,
+1-281-872-3125, email@example.com Web Site: