Noble Energy (NYSE: NBL) announced Tuesday that the company will acquire nearly all of the Rockies oil and gas fields owned by the U.S. division of Suncor Energy (NYSE: SU) for $494 million, according to Associated Press.
Last year, Suncor Energy Inc. (NYSE: SU) bought Petro-Canada (NYSE: PCA) to create Canada’s largest energy producer and the company has been eliminating assets ever since.
Penny Stock Professor, a leading financial publication, is pleased to alert investors of stocks on the move. Sign Up for our Free Penny Stock Picks.
About 80 percent of the oil and other liquids are within the Wattenberg field, the largest onshore asset held by Noble. During the third quarter, Noble Energy Inc. reported record volumes of oil and natural gas in the Wattenberg.
The deal brings an additional 10,000 barrels of oil equivalent per day to Noble's production, according to the company. The total purchased properties hold an estimated 53 million barrels of oil equivalent in proved reserves, 45 percent of which are liquids.
Noble chief operating officer David Stover said the company now controls over 530,000 net acres in the central DJ Basin, with net production approaching 52,000 barrels equivalent per day.
Noble expects the deal to close in the first quarter and will fund the purchase through an existing credit facility.
Shares of Noble Energy rose $1.61, or 2.2 percent, to $74.83 Tuesday.
Follow us on Twitter: http://www.twitter.com/pennystockspro
Sign up for the free Penny Stock Professor newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website.
About Us
Penny Stock Professor is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that are on the brink of a financial breakout. To feature a company on our web site please contact us at the email listed below.
Please click here to read the full disclaimer.
