Noble Energy Announces Deepwater Gulf Of Mexico Acreage Addition And Participation In New Exploration Prospect

HOUSTON, June 16, 2014 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) today announced that it has reached an agreement with BP Exploration & Production Inc. to acquire 50 percent of BP's interest in 17 deepwater exploration leases in the Gulf of Mexico.  Each of the leases resides in the Atwater Valley protraction area, with Noble Energy acquiring a 50 percent working interest in 13 leases and an average 26 percent working interest in four leases. 

As part of the transaction, Noble Energy is participating with a 50 percent working interest in the Bright prospect, which is currently drilling on Atwater Valley Block 362 in a water depth of approximately 5,600 feet.  The initial well, targeting multiple Upper and Middle Miocene reservoirs, is anticipated to be drilled to a total depth of 13,500 feet.  The Company's total estimated gross unrisked resource range (P75 - P25) for the Bright prospect is 90 to 350 million barrels of oil equivalent.  In addition to the Bright prospect, there are multiple follow-on exploration opportunities that have been identified on these newly acquired leases.

Susan M. Cunningham, Senior Vice President, Gulf of Mexico, West Africa, and Frontier, said, "The deepwater Gulf of Mexico is one of Noble Energy's core areas and today we have expanded our opportunity set there through the successful capture of a number of attractive and sizeable prospects.  We have multiple opportunities for substantial hydrocarbon discovery in the near-term, with the Katmai prospect results expected by our second quarter earnings call and the Bright prospect anticipated to be at total depth by the end of the third quarter. In addition to our exploration programs, we are also currently drilling a second well at Dantzler as we progress multiple major projects toward first production."

A map of the new acreage is available on the Noble Energy website under 'Investors/News Releases.'

Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production.  The Company has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa.  Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL.  Further information is available at www.nobleenergyinc.com.

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 include estimates of oil and natural gas reserves and resources, 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 or management's estimates or opinions change.

The Securities and Exchange Commission requires 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. The SEC permits the optional disclosure of probable and possible reserves, however, we have not disclosed the Company's probable and possible reserves in our filings with the SEC. We use certain terms in this news release, such as "estimated gross unrisked resource," which are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent annual report on Form 10-K and in other reports on file with the SEC, available from Noble Energy's offices or website, http://www.nobleenergyinc.com. 

SOURCE Noble Energy

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