Unit Petroleum to buy Anadarko basin assets from Noble Energy

July 11, 2012

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.

Paula Dittrick

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.

About the Author

Paula Dittrick | Senior Staff Writer

Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.

Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.