On Friday, Shares of Noble Energy, Inc. (NYSE:NBL), declined -3.62% to $35.37, during its last trading session.
Noble Energy, declared that the stockholders of Rosetta Resources Inc. (“Rosetta”) overwhelmingly approved the merger of Rosetta into a partner of Noble Energy. The transaction closed following the shareholder meeting and the merger will be effective at the end of recently. In conjunction with the closing, Rosetta will become a wholly owned partner of Noble Energy and James E. Craddock, Rosetta’s Chairman, CEO and President will join the Noble Energy Board of Directors.
Highlights of the acquisition for Noble Energy comprise:
- About 50,000 net acres in the Eagle Ford Shale and 56,000 net acres in the Permian (46,000 in the Delaware Basin and 10,000 in the Midland Basin)
- Year-end 2014 proved reserves of 282 million barrels of oil equivalent
- Current production of about 63 thousand barrels of oil equivalent per day (second quarter 2015 average)
- More than 1,800 gross horizontal drilling locations identified for development, with net unrisked resource potential of about one billion barrels of oil equivalent
- Noble Energy anticipates more than 15 percent annual production growth to an average of more than 100 thousand barrels of oil equivalent per day in 2018
- Substantial operational synergies predictable across the combined onshore U.S. portfolio (DJ Basin, Marcellus Shale, Eagle Ford Shale, Permian)
Noble Energy, Inc., an independent energy company, engages in the acquisition, exploration, and production of crude oil, natural gas, and natural gas liquids worldwide. Its principal projects are located in onshore DJ Basin and Marcellus Shale, the United States; the deepwater Gulf of Mexico; offshore West Africa; and offshore Eastern Mediterranean.
Finally, MagneGas Corporation (NASDAQ:MNGA), ended its last trade with -1.67% loss, and closed at $1.18.
MagneGas Corporation declared that the Company has signed a Memorandum of Understanding (“MOU”) with Green Gas Supply, LLC (“Green Gas”) to expand into Louisiana and Texas with a $550,000 Plasma-Arc Gasification system sale that comprises future royalty payments, profit sharing rights and an initial 300 cylinder gas order to seed the territory.
Under the terms of the MOU, a new joint venture company (“NewCo”) will be established in Louisiana to own and operate MagneGas gasification systems to produce and sell MagneGas2 into the metal cutting market. MagneGas will own 50% of NewCo and will receive minimum royalty payments of 5% of gross revenue plus equal profit sharing rights. The MOU calls for the sale of additional equipment to expand into Texas and other states under the same royalty payment and profit sharing rights. As part of the MOU, Green Gas has paid a deposit and definitive agreements with full payment are predictable to be signed within 90 days.
MagneGas Corporation, an alternative energy company, creates and produces hydrogen based alternative fuel through the gasification of carbon-rich liquids in the United States and internationally. The company produces and distributes gas bottled in cylinders to the metalworking market as an alternative to acetylene.
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