NOBLE ENERGY FINALIZES STRATEGIC PARTNERSHIP WITH CONSOL ENERGY IN MARCELLUS SHALE
Joint Venture JV Agreement
You are currently viewing:
This Joint Venture JV Agreement involves
NOBLE ENERGY INC | CONSOL Energy, Inc | NOBLE ENERGY FINALIZES STRATEGIC PARTNERSHIP | Noble Energy, Inc
. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: NOBLE ENERGY FINALIZES STRATEGIC PARTNERSHIP WITH CONSOL ENERGY IN MARCELLUS SHALE Date: 10/5/2011 Industry: Oil and Gas Operations Sector: Energy
50 of the Top 250 law firms use our Products every day
Exhibit 99.1
NOBLE ENERGY FINALIZES STRATEGIC
PARTNERSHIP
WITH CONSOL ENERGY IN MARCELLUS SHALE
HOUSTON(October 3, 2011) — Noble Energy,
Inc. (NYSE: NBL ) announced today it has closed the
previously announced agreements which create a joint venture
partnership with CONSOL Energy, Inc. (NYSE: CNX ) for the
development of Marcellus Shale properties in southwest Pennsylvania
and northwest West Virginia.
Under the
agreements, Noble Energy acquired a 50 percent interest in
628,000 net undeveloped acres for approximately $1 billion,
payable in three installments of which the first is
$327 million. The Company also purchased a 50 percent
interest in existing Marcellus production and infrastructure for
approximately $232 million. In addition, Noble Energy agreed
to fund approximately $2.1 billion of CONSOL’s future
drilling and completions costs, which are expected to extend over
an eight-year period.
The total
amount Noble Energy paid at closing was $593 million, which
included the first installment payment, the full amount for
production and infrastructure, and customary adjustments for net
cash between the effective date and closing. The second and final
installments will be paid on the first and second anniversaries of
the closing, respectively.
