HOUSTON (AP) -- Noble Energy wills sell some of its oil and natural gas properties in Kansas to an affiliate of Citation Oil & Gas for about $140 million, as it focuses increasingly on its core businesses.
The Houston company, with operations in the U.S., off West Africa and the Mediterranean, said Monday that the properties include its interest in about 250 producing wells on about 14,000 net acres.
As of April 1, net production was about 1,000 barrels of oil equivalent per day and net proved reserves were about 7 million barrels of oil equivalent. Production is almost entirely crude oil, the company said.
The sale to Citation Oil & Gas Corp., a privately held Houston company, is effective April 1 and is expected to close in September 2012.
Noble Energy Inc. has been shedding holdings it doesn't think are central to the business. Last month, the company said it would sell some of its Texas oil and natural gas properties for $320 million and assets in Oklahoma and the Texas Panhandle for $617 million. In May, the company said it would sell some of its North Sea assets for $127 million.
The next phase of the company's divestment plan will continue into 2013 and involves small groups of assets in the mid-continent, Gulf Coast, San Juan, and Ark-La-Tex areas and the company's remaining assets in the North Sea.