Noble Energy Announces Gunflint Appraisal Results

              Noble Energy Announces Gunflint Appraisal Results

PR Newswire

HOUSTON, June 14, 2013

HOUSTON, June 14, 2013 /PRNewswire/ --Noble Energy, Inc. (NYSE: NBL) today
announced that the second appraisal well at Gunflint successfully encountered
109 feet of net pay within the primary reservoir targets. Results of
drilling, wireline logs and reservoir data have confirmed an estimated gross
resource range(1) of 65 to 90 million barrels of oil equivalent in the primary
structure, which was in line with Company expectations. The Mississippi
Canyon 992 #1 well, located one mile west of the original discovery well, was
drilled to a total depth of approximately 32,800 feet in a water depth of
6,100 feet. Commercial hydrocarbons were not encountered in the deeper
exploration objective. Additional exploration potential remains in an
adjacent three-way structure to the north, a candidate for future exploration
following development of the confirmed resources.

Once operations are completed, the well will be suspended for future use. The
net cost of drilling the lower exploration zone was approximately $15 million,
which will be expensed in the second quarter of 2013.

Susan Cunningham, Noble Energy's Senior Vice President Deepwater Gulf of
Mexico, West Africa and Frontier Regions, commented, "Our appraisal program at
Gunflint solidifies our plans for a subsea tieback development, with sanction
planned for later this year. Along with our Big Bend discovery, we now have
two major projects in the deepwater Gulf of Mexico targeting first production
at the end of 2015. These developments represent significant value to our
overall portfolio."

Noble Energy plans to move the drilling rig to Troubadour, a low-risk
amplitude prospect offsetting the Big Bend discovery, over the next several
weeks. The well is expected to reach total depth late in the third quarter.


Noble Energy operates Gunflint with a 31.14 percent working interest. Other
partners in the project are Ecopetrol America Inc. with 31.50 percent,
Marathon Oil Company with 18.23 percent and Samson Offshore, LLC with 19.13
percent.

(1) Range of resource estimate based on 75^th and 25^th percentile
probabilities

Noble Energy is a leading independent energy company engaged in worldwide oil
and gas exploration and production. The Company has core operations onshore
in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater
Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa.
Noble Energy is listed on the New York Stock Exchange and is traded under the
ticker symbol NBL. Further information is available at
www.nobleenergyinc.com.

This news release contains certain "forward-looking statements" within the
meaning of the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Words such as "anticipates," "believes," "expects,"
"intends," "will," "should," "may," and similar expressions may be used to
identify forward-looking statements. Forward-looking statements are not
statements of historical fact and reflect Noble Energy' s current views about
future events. They include estimates of oil and natural gas reserves and
resources, estimates of future production, assumptions regarding future oil
and natural gas pricing, planned drilling activity, future results of
operations, projected cash flow and liquidity, business strategy and other
plans and objectives for future operations. No assurances can be given that
the forward-looking statements contained in this news release will occur as
projected, and actual results may differ materially from those projected.
Forward-looking statements are based on current expectations, estimates and
assumptions that involve a number of risks and uncertainties that could cause
actual results to differ materially from those projected. These risks include,
without limitation, the volatility in commodity prices for crude oil and
natural gas, the presence or recoverability of estimated reserves,
environmental risks, drilling and operating risks, exploration and development
risks, competition, government regulation or other actions, the ability of
management to execute its plans to meet its goals and other risks inherent in
Noble Energy's business that are discussed in its most recent annual report on
Form 10-K and in other reports on file with the Securities and Exchange
Commission. These reports are also available from Noble Energy's offices or
website, http://www.nobleenergyinc.com. Forward-looking statements are based
on the estimates and opinions of management at the time the statements are
made. Noble Energy does not assume any obligation to update forward-looking
statements should circumstances or management's estimates or opinions
change.

The Securities and Exchange Commission requires oil and gas companies, in
their filings with the SEC, to disclose proved reserves that a company has
demonstrated by actual production or conclusive formation tests to be
economically and legally producible under existing economic and operating
conditions. The SEC permits the optional disclosure of probable and possible
reserves, however, we have not disclosed the Company's probable and possible
reserves in our filings with the SEC. We use certain terms in this news
release, such as "discovered gross resource range." This estimate is by its
nature more speculative than estimates of proved, probable and possible
reserves and accordingly are subject to substantially greater risk of being
actually realized. The SEC guidelines strictly prohibit us from including
these estimates in filings with the SEC. Investors are urged to consider
closely the disclosures and risk factors in our most recent annual report on
Form 10-K and in other reports on file with the SEC, available from Noble
Energy's offices or website, http://www.nobleenergyinc.com.

SOURCE Noble Energy

Website: http://www.nobleenergyinc.com
Contact: Investors, David Larson, +1-281-872-3125, dlarson@nobleenergyinc.com,
or Brad Whitmarsh, +1-281-943-1670, bwhitmarsh@nobleenergyinc.com, or Media,
Reba Reid, +1-281-876-8873, rreid@nobleenergyinc.com
 
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