Noble Energy to acquire Patina Oil & Gas

By OGJ editors

HOUSTON, Dec. 17 -- Noble Energy Inc. and Patina Oil & Gas Corp. have received approval from their directors for Noble to acquire Patina for $3.4 billion, including the assumption of Patina's debt.

Patina produces oil and gas mainly in the Rocky Mountain and Midcontinent areas of the US. Most of Noble Energy's operations are on the Gulf Coast, in the deepwater Gulf of Mexico, and outside the US.

Pending approval by shareholders and regulatory entities, Patina will become the subsidiary of a combined Houston-based company known as Noble Energy, with Patina's Denver offices serving as a branch.

Patina's reserves at the end of 2003 included 36.4 million bbl of oil and 593 bcf of natural gas in Wattenberg field in Colorado, 30.5 million bbl of oil and 278 bcf of gas in the Midcontinent area, 349,000 bbl of oil and 132 bcf of gas in the San Juan basin, and 14.7 million bbl of oil and 21.5 bcf of gas in the central US and other regions.

In 2003, Patina produced an average of 15,720 b/d of oil and 179.6 MMcfd of gas.

The combined company will hold 710 million boe of oil and gas reserves, 55% in the US. Its initial production will be 61,400 b/d of oil and 602 MMcfd of gas.

The acquisition is expected to be completed in March or April.

Charles D. Davidson, president and CEO of Noble Energy, will head the new company as chairman, president, and CEO. Patina Chairman and CEO Tom Edelman will join Noble Energy's board of directors and help in the integration of the companies.

Related Articles

Noble suffers ballast-control incident on rig offshore Brazil

02/28/2014 Noble Corp. reported that its Noble Paul Wolff dynamically positioned semisubmersible rig offshore Brazil encountered ballast-control problems earl...

Noble to farm out part of Leviathan interest

02/07/2014 Noble Energy Inc. has signed a nonbinding memorandum of understanding regarding the sale of 9.66% interest in the Leviathan licenses offshore Israe...

Noble’s capex budget to total $4.8 billion for 2014

12/18/2013 Noble Energy Inc. reported its capital expenditures for 2014 will reach $4.8 billion, with 70% allocated to the US onshore and the remainder to go ...

Noble makes gas discovery offshore Israel

12/04/2013 Noble Energy Inc. has made a natural gas discovery with its Tamar Southwest (SW) exploration well offshore Israel. This find marks the company’s ei...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected