Unit Corp. subsidiary Unit Petroleum Co. has agreed to buy oil and natural gas assets in the Anadarko basin from Noble Energy Inc. for $617 million.
The transaction involves properties in western Oklahoma and the Texas Panhandle. The properties include Noble Energy’s interest in about 900 producing wells on 84,000 net acres.
Closing is expected in September, and the acquisition will have an effective date of Apr. 1, Noble Energy said. As of Apr. 1, net production was nearly 60 MMcfd of gas equivalent and net proved reserves were 250 bcf of gas equivalent. Production is 65% gas, 27% NGLs, and 8% oil.
David L. Stover, Noble Energy president and chief operating officer, said the sale is part of the company’s previously announced noncore divestiture plan.