Noble Energy Announces Significant Deepwater Gulf of Mexico Discovery

October 14, 2008 1:00 PM EDT

HOUSTON, Oct. 14 /PRNewswire-FirstCall/ -- Noble Energy, Inc. (NYSE: NBL) announced today an oil discovery at the Gunflint/Freedom prospect in Mississippi Canyon Block 948. The well, located in approximately 6,100 feet of water, was drilled to a total depth of approximately 29,280 feet. Formation logs indicated more than 550 feet of net hydrocarbon pay in multiple high-quality reservoirs, which was more than twice the thickness Noble Energy had originally expected.

"We are very excited with the results of this well, which is our largest discovery to date in the deepwater Gulf of Mexico. The ongoing success in our global exploration programs is certainly creating huge value for Noble Energy. With two significant development projects at Isabela/Galapagos and now Gunflint, combined with an extensive exploration portfolio containing over one billion barrels of net unrisked resources, the deepwater Gulf of Mexico will be a significant contributor to our reserve and production growth in the coming years," said Charles D. Davidson, Noble Energy's Chairman, President and CEO.

Noble Energy has a 37.5 percent working interest in Mississippi Canyon Block 948 and will serve as operator for the block. BP (NYSE: BP) was the operator of the exploration well with 25 percent interest. Other interest owners in the discovery are Marathon Oil Corporation (NYSE: MRO) with 12.5 percent and Samson Offshore with the remaining 25 percent. Interest in the block was originally obtained by Noble Energy and Samson Offshore in the March 2006 OCS Sale 198 for $20.2 million.

Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. The Company operates primarily in the Rocky Mountains, Mid-Continent, and deepwater Gulf of Mexico areas in the United States, with key international operations offshore Israel, UK and West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL. 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. Risks, uncertainties and assumptions that could cause actual results to differ materially from those projected include, without limitation, the volatility in commodity prices for crude oil and natural 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. Words such as "anticipates," "believes," "expects," "intends," "will," "should," "may," and similar expressions may be used to identify forward-looking statements. Noble Energy assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.

SOURCE Noble Energy, Inc.

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