Noble Energy, Inc. ("Noble Energy" or "the Company") 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."
About Noble Energy
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®.