Noble Energy Finalizes Marcellus Joint Venture

By Houston Business Journal

Noble Energy Inc. (NYSE: NBL) has finalized agreements to form its joint venture partnership with Pennsylvania-based Consol Energy Inc. (NYSE: CNX) for development in the Marcellus Shale.

Houston-based Noble acquired 50 percent interest in 628,000 undeveloped acres of the shale play, to be paid in three installments with total costs of $3.4 billion. Noble also bought a 50 percent interest in an existing Marcellus production for about $232 million and agreed to fund about $2.1 billion of Consolâ¿¿s future drilling and completion costs over eight years.

Noble, making its first foray into the Marcellus, paid $593 million total at closing.

The companies unveiled the deal in August.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/houston/news/2011/10/03/noble-energy-finalizes-marcellus-joint.html?ana=thestreet

Copyright bizjournals.com 2010

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