Noble Sells Argentina Assets to Petrobras for $117.5 Million

Noble Energy has entered into an agreement to sell its interest in the El Tordillo, La Tapera, and Puesto Quiroga concessions in southern Argentina to a subsidiary of Petrobras for a sales price of $117.5 million. The effective date of the sale is July 1, 2007. The sale, which is subject to regulatory and partner approvals, is expected to close in 2008.

Charles D. Davidson, the company's Chairman, President, and CEO, said, "Noble Energy continues to focus its attention and capital in areas that provide significant growth potential for the Company, while divesting non-core assets. The sale of our Argentina assets is another step in that process."

Production, net to Noble Energy, from the assets sold averaged 2,850 barrels of oil per day in the third quarter 2007. After-tax net proceeds from the sale will be approximately $80 million.

The above discussion of the cash proceeds associated with the sale is based on estimates of market conditions at closing. All estimates are subject to change based on post-closing adjustments, if applicable.