Monday, May 11, 2015

Noble Energy buys into Eagle Ford, Permian with Rosetta Resources acquisition

Noble Energy buys into Eagle Ford, Permian with Rosetta Resources acquisition: "Noble Energy and Rosetta Resources have announced a definitive merger agreement whereby Noble Energy will acquire all of the common stock of Rosetta in an all-stock transaction valued at $2.1 billion, plus the assumption of Rosetta's net debt of $1.8 billion as of March 31, 2015.  Rosetta's liquids-rich asset base includes approximately 50,000 net acres in the Eagle Ford shale and 56,000 net acres in the Permian (46,000 acres in the Delaware basin and 10,000 acres in the Midland basin). Noble Energy has identified in excess of 1,800 gross horizontal drilling locations for development, providing net unrisked resource potential of approximately 1 Bboe.    Rosetta's assets produced 66,000 boed in the first quarter of 2015, and year-end 2014 proved reserves were 282 MMboe. More than 60% of Rosetta's current production and proved reserves are liquids. Noble Energy anticipates a compounded annual production growth rate from these assets over the next several years of approximately 15%, generating positive free cash flow on an annual basis. "

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