Noble Energy Inc. is selling oil and natural gas properties in the Permian Basin to privately held Sheridan Holding Co. II LLC of Houston for $320 million as part of an ongoing divestiture plan, the company said Tuesday.

The properties include Noble Energy’s interest in about 250 producing wells on 11,000 net acres. Net daily production was over 1,500 boe/d on April 1 and consisted of more than 90% crude oil and natural gas liquids (NGL), according to Houston-based Noble.

Citing data compiled by HPDI, Wells Fargo Securities analyst David Tameron said in a note that the wells appear to be concentrated in Gaines County, TX, with about 20 wells in Lea County, NM.

“We value the net daily production of over 1,500 boe/d (+90% crude/NGLs) and 11,000 of proved reserves at $213,000 per flowing bbl or $29/bbl of proved reserves value on the deal,” Tameron said. “Assuming a value of $100,000/boe/d, we estimate the value of reserves at $15.50/boe. We note that the proved reserves figures come from seller’s representative.”

The deal has an effective date of April 1, 2012 and is expected to close in August, subject to conditions and adjustments. Tudor, Pickering, Holt & Co. advised Noble on the transaction.

“Sales of our noncore assets allow us to focus on the developments within our core areas. Our teams have worked diligently and we are pleased with the pace of divestitures and value received,” said Noble COO David L. Stover.

Tameron noted that the deal is the third divestiture in the Noble program to shed noncore assets (see Shale Daily, July 12). “Based on our reading of the divestiture map [Noble] provided during its late November analyst day, we suspect that the remaining parcels [to be sold] include Central Kansas, Haynesville, Eagle Ford, Rockies (what appears to be the San Juan, Powder River and potentially Pinedale and non-Wattenberg DJ basins), and Southern Alberta Bakken,” Tameron said.