Wednesday, July 11, 2012
Noble Energy Focusing Efforts On Horizontal Play In Colorado
One million dollars used to be a lot of money; now it almost seems like pocket change.
NEW YORK (MarketWatch) -- Unit Corp. said Wednesday it will pay $617 million in cash to buy Noble Energy Inc. acreage in Texas and Oklahoma. Noble said the transaction is part of an effort to sell non-core assets. "It will provide additional flexibility in the implementation of our international program and the acceleration of the horizontal oil play in the DJ Basin (of Colorado and Wyoming)." The deal includes 84,000 acres in the Granite Wash, Cleveland and Marmaton fields of western Oklahoma and the Texas panhandle. Unit said the deal will add to its earnings in 2013. "We look forward to accelerating development of these assets and delivering growth to our shareholders over the next several years," Unit said. Unit plans to finance the acquisition with long-term debt.