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Noble Energy to Report Year-End 2006 Reserves of 835 Million Barrels of Oil Equivalent

Posted on: Wednesday, 14 February 2007, 15:01 CST

HOUSTON, Feb. 14 /PRNewswire-FirstCall/ -- Noble Energy, Inc. today announced that it expects to record year-end 2006 reserves of 834.6 million barrels of oil equivalent (MMBoe). Reserve additions from all sources are expected to total 122.1 MMBoe, or 179 percent of 2006 production, which includes the effect of a negative revision of 10.8 MMBoe due to low year-end North America natural gas prices.

Total costs incurred in 2006 oil and gas activities, including acquisition, exploration and development costs are estimated to be $2.0 billion (including $0.7 billion of proved and unproved acquisition costs). During the year, Noble Energy sold proved reserves totaling 25.4 MMBoe (primarily from the Gulf of Mexico shelf), while acquiring 43.5 MMBoe of proved reserves. Excluding negative price revisions, the average worldwide reserve replacement cost is estimated at $15.15 per barrel of oil equivalent (BOE), or $2.52 per thousand cubic feet (Mcf). Excluding acquisitions and negative price revisions, the average worldwide drill bit finding cost is estimated to be $14.61 per BOE, or $2.43 per Mcfe.

North America production is expected to total 44.2 MMBoe in 2006. Reserve additions from all North American sources are estimated to be 104.4 MMBoe, which includes 42.9 MMBoe from acquisitions. Costs incurred from oil and gas activities in North America are estimated to be $1.661 billion. International production is anticipated to total 24.0 MMBoe in 2006, and international reserve additions from all sources are expected to total 17.7 MMBoe. Costs incurred in international oil and gas activities are estimated to be $352.4 million.

Netherland, Sewell & Associates, Inc. (Netherland, Sewell) performed a detailed audit of over 80 percent of Noble Energy's year-end 2006 total proved reserves.

Noble Energy is one of the nation's leading independent energy companies and operates throughout major basins in the United States including Colorado's Wattenberg Field, the Mid-continent region of western Oklahoma and the Texas Panhandle, the San Juan Basin in New Mexico and the Gulf of Mexico. In addition, Noble Energy operates internationally in Argentina, China, Ecuador, Equatorial Guinea, the Mediterranean Sea, the North Sea and Suriname. Noble Energy markets natural gas and crude oil through its subsidiary, Noble Energy Marketing, Inc. Visit Noble Energy online at http://www.nobleenergyinc.com/ .

This news release may include projections and other "forward-looking statements" within the meaning of the federal securities laws. Any such projections or statements reflect Noble Energy's current views about future events and financial performance. No assurances can be given that such events or performance will occur as projected, and actual results may differ materially from those projected. Important factors that could cause the actual results to differ materially from those projected include, without limitation, the volatility in commodity prices for oil and gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other action, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's business that are detailed in its Securities and Exchange Commission filings.

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20021210/NBLLOGOAP Archive: http://photoarchive.ap.org/PRN Photo Desk photodesk@prnewswire.com

Noble Energy, Inc.

CONTACT: Greg Panagos of Noble Energy, Inc., +1-281-872-3125, orInvestor_Relations@nobleenergyinc.com

Web site: http://www.nobleenergyinc.com/

Source: PRNewswire-FirstCall

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