Business

Noble Energy sells Kansas oil and gas properties

Noble Energy Inc. is selling certain oil and natural gas properties in Kansas to an affiliate of Citation Oil & Gas Corp., a privately held Houston based company, for approximately $140 million, according to a news release issued Monday by the company.

The sale is expected to close in September.

The Houston-based Noble Energy is selling its interest in about 250 producing wells on approximately 14,000 acres. Net production was about 1,000 barrels of oil equivalent per day and proved reserves were approximately 7 million barrels of oil equivalent, according to the release. Production is almost entirely crude oil.

The sales are part of the company's onshore no-core divestment plan, according to a statement from David L. Stover, Noble Energy’s president and COO. "These transactions, along with the sales of our Dumbarton and Lochranza assets in the North Sea, are expected to generate approximately $1.1 billion of after-tax proceeds by the end of the third quarter," Stover said.

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