Noble Energy Inc. said it will pay $494 million for almost all of Suncor Energy's upstream Rocky Mountain assets to add to its reserves.

Noble Energy announced yesterday the acquisition will add about 10,000 barrels of oil equivalent a day, or 46 million cubic feet of natural gas and 2,500 barrels of liquid, to its daily production base. The assets have total proven reserves of about 53 million barrels of oil equivalent, the company estimates.

Mergers and acquisitions have been heating up amongst Canada's resource companies with analysts predicting the trend will continue in 2010. Smaller players are seeking economies of scale and expertise to develop assets, while larger companies are seeking to boost reserves.... Noble Energy Inc. said it will pay $494 million for almost all of Suncor Energy's upstream Rocky Mountain assets to add to its reserves.

Noble Energy announced yesterday the acquisition will add about 10,000 barrels of oil equivalent a day, or 46 million cubic feet of natural gas and 2,500 barrels of liquid, to its daily production base. The assets have total proven reserves of about 53 million barrels of oil equivalent, the company estimates.

Mergers and acquisitions have been heating up amongst Canada's resource companies with analysts predicting the trend will continue in 2010. Smaller players are seeking economies of scale and expertise to develop assets, while larger companies are seeking to boost reserves.

Houston-based Noble Energy is an 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 in offshore Israel and West Africa.

About 80% of the new assets are within the Wattenberg field, Noble Energy's largest onshore U.S. area.

The acquisition is expected to close late in the first quarter 2010.