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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As filed with the Securities and Exchange Commission on May&nbsp;23, 2007</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 0pt"><B>Registration Statement No.&nbsp;333-</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>








<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>NOBLE ENERGY, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(<I>Exact name of registrant as specified in its charter</I>)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
(<I>State of Incorporation</I>)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>73-0785597</B><BR>
(<I>IRS Employer Identification No.</I>)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>100 Glenborough Drive, Suite&nbsp;100<BR>
Houston, Texas</B><BR>
(<I>Address of Principal Executive Offices</I>)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>77067</B><BR>
(<I>Zip Code</I>)</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2005 Stock Plan for Non-Employee Directors of Noble Energy, Inc.</B><BR>
(<I>Full title of the Plan</I>)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="47%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Chris Tong</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Copy to:</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Chief Financial Officer <BR>
Noble Energy, Inc. <BR>
100 Glenborough, Suite&nbsp;100<BR>
Houston, Texas 77067<BR>
(<I>Name and address of agent for service</I>)<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="center" valign="top"><B>Joe Dannenmaier<BR>
Harry R. Beaudry</B><BR>
Thompson &#038; Knight LLP<BR>
333 Clay Street, Suite&nbsp;3300<BR>
Houston, Texas 77002<BR>
(713)&nbsp;654-8111</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">
<B>(281)&nbsp;872-3100</B><BR>
(<I>Telephone number, including <BR>
area code, of agent for service</I>)
</TD>
    <TD>&nbsp;</TD>

</TR>

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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of securities </B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>offering price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>aggregate</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>registered </B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>registered (1)(2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>per share (3)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>offering price (3)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>registration fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, $3.33 1/3 par value per share</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 2px solid #000000">800,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">$63.31</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">$50,648,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">$1,555</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Registrant is registering 800,000 shares under the 2005 Stock Plan for Non-Employee Directors
of Noble Energy, Inc. pursuant to this Registration Statement.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;),
this Registration Statement shall also include such additional indeterminate number of shares
of common stock as may become issuable under the plan as a result of stock splits, stock
dividends or similar transactions.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of determining the registration fee pursuant to Rule 457(c)
and (h)(1) under the Securities Act of 1933, as amended, on the basis of the average of the
high and low prices of the common stock of Registrant reported on the New York Stock Exchange
for May&nbsp;21, 2007.</TD>
</TR>

</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>EXPLANATORY NOTE</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 registers 800,000 shares of common stock of Noble
Energy, Inc. (the &#147;Company&#148;), which have been reserved for issuance pursuant to the 2005 Stock Plan
for Non-Employee Directors of Noble Energy, Inc. (the &#147;2005 Plan&#148;). The Board of Directors of the
Company recommended for approval and, on April&nbsp;26, 2005, the stockholders of the Company approved
the 2005 Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement also registers the reoffer and resale, as permitted by Form S-8
General Instruction C and Rule&nbsp;429 of the Securities Act, of up
to 39,313&nbsp;shares of common stock of
the Company that have been issued under the 2005 Plan prior to the filing of this Registration
Statement to certain non-employee directors named in this Registration Statement (the &#147;Selling
Stockholders&#148;). These shares of common stock may be considered &#147;restricted securities&#148; as defined
in General Instruction C(1) to Form S-8.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement contains two parts. The first part constitutes a &#147;reoffer&#148;
prospectus prepared in accordance with Part&nbsp;I of Form S-3 pursuant to General Instruction C of Form
S-8. The second part contains information required in this Registration Statement pursuant to Part
II of Form S-8.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NOBLE ENERGY, INC.<BR>
REOFFER PROSPECTUS<BR>
39,313 SHARES OF COMMON STOCK</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
reoffer prospectus covers 39,313&nbsp;shares of common stock, $3.33 1/3 par value of Noble
Energy, Inc. This prospectus relates to the reoffer and resale of shares of common stock that have
been acquired pursuant to the 2005 Plan by our non-employee directors. We will not receive any
proceeds from these sales.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Selling Stockholders described in this prospectus may reoffer and resell the shares from
time to time. The shares may be offered at prevailing market prices, at prices related to such
prevailing market prices, at negotiated prices, or at fixed prices. See &#147;Plan of Distribution.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is listed on the New York Stock Exchange under the symbol &#147;NBL.&#148; On May&nbsp;21,
2007, the last reported sales price of our common stock on the New York Stock Exchange was $ 63.65
per share.
</DIV>

<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 12pt; width: 30%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Investing in our common stock involves risks. Please carefully consider<BR>
the &#147;Risk Factors&#148; beginning on Page&nbsp;3 of this prospectus.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Neither the Securities and Exchange Commission nor any state securities commission<BR>
has approved or disapproved of these securities or determined if this prospectus is truthful or complete.<BR>
Any representation to the contrary is a criminal offense.</B>
</DIV>

<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 12pt; width: 30%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>The date of this prospectus is May&nbsp;23, 2007</B>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
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</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="95%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="center" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#101">OUR BUSINESS</A></DIV></TD>
    <TD align="right" valign="top">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#102">RISK FACTORS</A></DIV></TD>
    <TD align="right" valign="top">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#103">USE OF PROCEEDS</A></DIV></TD>
    <TD align="right" valign="top">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#104">SELLING STOCKHOLDERS</A></DIV></TD>
    <TD align="right" valign="top">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#105">PLAN OF DISTRIBUTION</A></DIV></TD>
    <TD align="right" valign="top">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#106">LEGAL MATTERS</A></DIV></TD>
    <TD align="right" valign="top">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#107">INFORMATION INCORPORATED BY REFERENCE</A></DIV></TD>
    <TD align="right" valign="top">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#108">WHERE YOU CAN OBTAIN ADDITIONAL INFORMATION</A></DIV></TD>
    <TD align="right" valign="top">11</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h47048bexv5w1.htm">Opinion of Thompson & Knight LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h47048bexv23w1.htm">Consent of KPMG LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h47048bexv23w2.htm">Consent of PricewaterhouseCoopers LLP</A></FONT></TD></TR>
</TABLE>
</DIV>

<DIV align="left">
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</DIV>
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OUR BUSINESS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noble Energy, Inc. (&#147;Noble Energy&#148;, &#147;we&#148; or &#147;us&#148;) is a Delaware corporation, formed in 1969,
that has been publicly traded on the New York Stock Exchange (&#147;NYSE&#148;) since 1980. We are an
independent energy company that has been engaged in the exploration, development, production and
marketing of crude oil and natural gas since 1932. In this report, unless otherwise indicated or
where the context otherwise requires, information includes that of Noble Energy and its
subsidiaries. Exploration activities include geophysical and geological evaluation and exploratory
drilling on properties for which we have exploration rights. We operate throughout major basins in
the U.S. including Colorado&#146;s Wattenberg field, the Mid-continent region of western Oklahoma and
the Texas Panhandle, the San Juan Basin in New Mexico, the Gulf Coast and the Gulf of Mexico. In
addition, we conduct business internationally in West Africa (Equatorial Guinea and Cameroon), the
Mediterranean Sea (Israel), Ecuador, the North Sea (UK, the
Netherlands and Norway), China, Argentina, and Suriname.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a worldwide producer of crude oil and natural gas. Our strategy is to achieve growth in
earnings and cash flow through the development of a high quality portfolio of producing assets that
is balanced between domestic and international projects. In 2005, we completed a merger with Patina
Oil &#038; Gas Corporation. In 2006, we acquired U.S. Exploration Holdings, Inc. and sold substantially
all of our Gulf of Mexico shelf properties, except for the Main Pass area. These transactions have
allowed us to achieve a strategic objective of enhancing our U.S. asset portfolio which has
resulted in a company with assets and capabilities that include growing U.S. basins coupled with a
significant portfolio of international properties. Our 2006 crude oil and natural gas production
volume was 29% higher than 2005 and 75% higher than 2004. Our reserve base is balanced between
domestic and international sources at 55% domestic and 45% international. We are now a larger, more
diversified company with greater opportunities for both domestic and international growth.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2006, we had estimated proved reserves of 3.2 trillion cubic feet of
natural gas and 296&nbsp;million barrels of crude oil. On a combined basis, these proved reserves were
equivalent to 835&nbsp;million barrels oil equivalent, of which 55% were located in the U.S. and 45%
were located internationally. Our proved reserves have increased 4% since December&nbsp;31, 2005 and 59%
over the past three years. At December&nbsp;31, 2006, 71% of reserves were proved developed reserves.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal corporate office, including our offices for domestic and international
operations, is located at 100 Glenborough Drive, Suite&nbsp;100, Houston, Texas 77067-3610. We maintain
additional offices in Ardmore, Oklahoma and Denver, Colorado and in China, Cameroon, Ecuador,
Equatorial Guinea, Israel and the UK. Our website address is <I>www.nobleenergyinc.com</I>. Available on
this website under &#147;Investor Relations&#151;Investor Relations Menu&#151;SEC Filings,&#148; free of charge, are
our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, Forms
3, 4 and 5 filed on behalf of directors and officers and amendments to those reports as soon as
reasonably practicable after such materials are electronically filed with or furnished to the U.S.
Securities and Exchange Commission (&#147;Commission&#148;).
</DIV>

<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Crude oil and natural gas prices are volatile and a substantial reduction in these prices could
adversely affect our results and the price of our common stock.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our revenues, operating results and future rate of growth depend highly upon the prices we
receive for our crude oil and natural gas production. Historically, the markets for crude oil and
natural gas have been volatile and are likely to continue to be volatile in the future. The markets
and prices for crude oil and natural gas depend on factors beyond our control. These factors
include demand for crude oil and natural gas, which fluctuates with changes in market and economic
conditions, and other factors, including:
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>worldwide and domestic supplies of crude oil and natural gas;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>actions taken by foreign oil and gas producing nations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>political conditions and events (including instability or armed conflict) in crude
oil producing or natural gas producing regions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the level of global crude oil and natural gas inventories;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the price and level of foreign imports;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the price and availability of alternative fuels;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the availability of pipeline capacity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the availability of crude oil transportation and refining capacity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>weather conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>domestic and foreign governmental regulations and taxes; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the overall economic environment.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Significant declines in crude oil and natural gas prices for an extended period may have the following effects on our business:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>limiting our financial condition, liquidity, ability to finance planned capital expenditures and results of operations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reducing the amount of crude oil and natural gas that we can produce economically;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>causing us to delay or postpone some of our capital projects;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reducing our revenues, operating income and cash flow;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reducing the carrying value of our crude oil and natural gas properties; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>limiting our access to sources of capital, such as equity and long-term debt.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Estimates of crude oil and natural gas reserves are not precise.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are numerous uncertainties inherent in estimating crude oil and natural gas reserves and
their value, including many factors that are beyond our control. Reservoir engineering is a
subjective process of estimating underground accumulations of crude oil and natural gas that cannot
be measured in an exact manner. The estimates depend on a number of factors and assumptions that
may vary considerably from actual results, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>historical production from the area compared with production from other areas;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the assumed effects of regulations by governmental agencies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assumptions concerning future crude oil and natural gas prices;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>future operating costs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>severance and excise taxes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>development costs; and</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>workover and remedial costs.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For these reasons, estimates of the economically recoverable quantities of crude oil and natural
gas attributable to any particular group of properties, classifications of those reserves based on
risk of recovery and estimates of the future net cash flows expected from them prepared by
different engineers or by the same engineers but at different times may vary substantially.
Accordingly, reserve estimates may be subject to upward or downward adjustment, and actual
production, revenue and expenditures with respect to our reserves likely will vary, possibly
materially, from estimates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, because some of our reserve estimates are calculated using volumetric analysis,
those estimates are less reliable than the estimates based on a lengthy production history.
Volumetric analysis involves estimating the volume of a reservoir based on the net feet of pay of
the structure and an estimation of the area covered by the structure. In addition, realization or
recognition of proved undeveloped reserves will depend on our development schedule and plans. A
change in future development plans for proved undeveloped reserves could cause the discontinuation
of the classification of these reserves as proved.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Failure to fund continued capital expenditures could adversely affect our properties.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our exploration, development and acquisition activities require substantial capital
expenditures. Historically, we have funded our capital expenditures through a combination of cash
flows from operations, our revolving bank credit facility and debt and equity issuances. Future
cash flows are subject to a number of variables, such as the level of production from existing
wells, prices of crude oil and natural gas, and our success in finding, developing and producing
new reserves. If revenue were to decrease as a result of lower crude oil and natural gas prices or
decreased production, and our access to capital were limited, we would have a reduced ability to
replace our reserves, resulting in a decrease in production over time. If our cash flow from
operations is not sufficient to meet our obligations and fund our capital budget, we may not be
able to access debt, equity or other methods of financing on an economic basis to meet these
requirements. If we are not able to fund our capital expenditures, interests in some properties
might be reduced or forfeited as a result.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We may be unable to make attractive acquisitions or integrate acquired businesses and/or assets,
and any inability to do so may disrupt our business.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One aspect of our business strategy calls for acquisitions of businesses and assets that
complement or expand our current business. We cannot provide assurance that we will be able to
identify attractive acquisition opportunities. Even if we do identify attractive opportunities, we
cannot provide assurance that we will be able to complete the acquisition of them or do so on
commercially acceptable terms. Additionally, if we acquire another business, we could have
difficulty integrating its operations, systems, management and other personnel and technology with
our own. These difficulties could disrupt ongoing business, distract management and employees,
increase expenses and adversely affect results of operations. Even if these difficulties could be
overcome, we cannot provide assurance that the anticipated benefits of any acquisition would be
realized.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Our international operations may be adversely affected by economic and political developments.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have significant international crude oil and natural gas operations. These operations may
be adversely affected by political and economic developments, including the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>war, terrorist acts and civil disturbances, such as currently occurring in Israel and
other countries in the Middle East;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of revenue, property and equipment as a result of actions taken by foreign crude
oil and natural gas producing nations, such as expropriation or nationalization of
assets and renegotiation, modification or nullification of existing contracts, such as
may occur pursuant to the new hydrocarbons law recently enacted by the government of
Equatorial Guinea;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in taxation policies, including the effects of additional oil profits taxes
recently imposed by China and Ecuador and the increase in the Supplementary Charge
imposed by the UK on North Sea income;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>laws and policies of the United States and foreign jurisdictions affecting foreign
investment, taxation, trade and business conduct;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>foreign exchange restrictions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>international monetary fluctuations; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other hazards arising out of foreign governmental sovereignty over areas in which we conduct operations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>We are subject to various governmental regulations and environmental risks that may cause us to
incur substantial costs.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time to time, in varying degrees, political developments and federal and state laws and
regulations affect our operations. In particular, price controls, taxes and other laws relating to
the crude oil and natural gas industry, changes in these laws and changes in administrative
regulations have affected and in the future could affect crude oil and natural gas production,
operations and economics. We cannot predict how agencies or courts will interpret existing laws and
regulations or the effect these adoptions and interpretations may have on our business or financial
condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business is subject to laws and regulations promulgated by international, federal, state
and local authorities relating to the exploration for, and the development, production and
marketing of, crude oil and natural gas, as well as safety matters. Legal requirements are
frequently changed and subject to interpretation and we are unable to predict the ultimate cost of
compliance with these requirements or their effect on our operations. We may be required to make
significant expenditures to comply with governmental laws and regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations are subject to complex international, federal, state and local environmental
laws and regulations including in the case of federal laws, the Comprehensive Environmental
Response, Compensation and Liability Act, as amended, the Resource Conservation and Recovery Act,
as amended, the Oil Pollution Act of 1990 and the Clean Water Act. Environmental laws and
regulations change frequently and the implementation of new, or the modification of existing, laws
or regulations could harm us. The discharge of natural gas, crude oil, or other pollutants into the
air, soil or water may give rise to significant liabilities on our part to the government and third
parties and may require us to incur substantial costs of remediation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Exploration, development and production risks and natural disasters could result in liability
exposure or the loss of production and revenues.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations are subject to hazards and risks inherent in the drilling, production and
transportation of crude oil and natural gas, including:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pipeline ruptures and spills;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fires;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>explosions, blowouts and cratering;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>formations with abnormal pressures;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>equipment malfunctions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>hurricanes; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other natural disasters.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any of these can result in loss of hydrocarbons, environmental pollution and other damage to our
properties or the properties of others.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Exploration and development drilling may not result in commercially productive reserves.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not always encounter commercially productive reservoirs through our drilling operations.
The wells we drill or participate in may not be productive and we may not recover all or any
portion of our investment in those wells. The seismic data and other technologies we use do not
allow us to know conclusively prior to drilling a well that crude oil or natural gas is present or
may be produced economically. The cost of drilling, completing and operating a well is often
uncertain, and cost factors can adversely affect the economics of a project. Our efforts will be
unprofitable if we drill dry holes or wells that are productive but do not produce enough reserves
to return a profit after drilling, operating and other costs. Further, our drilling operations may
be curtailed, delayed or canceled as a result of a variety of factors, including:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unexpected drilling conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>title problems;</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pressure or irregularities in formations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>equipment failures or accidents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adverse weather conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compliance with environmental and other governmental requirements; and</TD>
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<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increases in the cost of, or shortages or delays in the availability of, drilling rigs and equipment.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The unavailability or high cost of drilling rigs, equipment, supplies, personnel and other oil
field services could adversely affect our ability to execute our exploration and development plans
on a timely basis and within our budget.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our industry is cyclical and, from time to time, there is a shortage of drilling rigs,
equipment, supplies or qualified personnel. During these periods, the costs of rigs, equipment and
supplies are substantially greater and their availability may be limited. As a result of increasing
levels of exploration and production in response to strong demand for crude oil and natural gas,
the demand for oilfield services has risen and the costs of these services are increasing, while
the quality of these services may suffer. Additionally, these services may not be available on
commercially reasonable terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We may not have enough insurance to cover all of the risks we face, which could result in
significant financial exposure.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration for and production of crude oil and natural gas can be hazardous, involving
natural disasters and other unfortuitous events such as blowouts, cratering, fire and explosion and
loss of well control which can result in damage to or destruction of wells or production
facilities, injury to persons, loss of life, or damage to property and the environment. In
accordance with industry practices, we maintain insurance against many, but not all, potential
perils confronting our operations and in coverage amounts and deductible levels that we believe to
be prudent. Consistent with that profile, our insurance program is structured to provide us
financial protection from unfavorable loss severity resulting from damages to or the loss of
physical assets or loss of human life, liability claims of third parties, and business interruption
(loss of production) attributed to certain assets. Although we believe the coverages and amounts
of insurance carried are adequate, we may not have sufficient protection against some of the risks
we face, either because insurance is not available on commercially reasonable terms or actual
losses exceed coverage limits. If an event occurs that is not covered by insurance or not fully
protected by insured limits, it could have an adverse impact on our financial condition, results of
operations and cash flows.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We face significant competition and many of our competitors have resources in excess of our
available resources.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We operate in the highly competitive areas of crude oil and natural gas exploration,
exploitation, acquisition and production. We face intense competition from a large number of
independent, technology-driven companies as well as both major and other independent crude oil and
natural gas companies in a number of areas such as:
</DIV>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>seeking to acquire desirable producing properties or new leases for future exploration;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>marketing our crude oil and natural gas production; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>seeking to acquire the equipment and expertise necessary to operate and develop properties.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many of our competitors have financial and other resources substantially in excess of those
available to us. This highly competitive environment could have an adverse impact on our business.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Our level of indebtedness may limit our financial flexibility.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2006, we had long-term indebtedness of $1.805&nbsp;billion, with $1.155&nbsp;billion
drawn under our bank credit facility. Our long-term indebtedness represented 30% of our total book
capitalization at December&nbsp;31, 2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our level of indebtedness affects our operations in several ways, including the following:
</DIV>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a portion of our cash flows from operating activities must be used to service our
indebtedness and is not available for other purposes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may be at a competitive disadvantage as compared to similar companies that have
less debt;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the covenants contained in the agreements governing our outstanding indebtedness and
future indebtedness may limit our ability to borrow additional funds, pay dividends and
make certain investments and may also affect our flexibility in planning for, and
reacting to, changes in the economy and in our industry;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>additional financing in the future for working capital, capital expenditures,
acquisitions, general corporate or other purposes may have higher costs and more
restrictive covenants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in the credit ratings of our debt may negatively affect the cost, terms,
conditions and availability of future financing, and lower ratings will increase the
interest rate and fees we pay on our revolving credit facility; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may be more vulnerable to general adverse economic and industry conditions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may incur additional debt in order to fund our exploration and development activities. A
higher level of indebtedness increases the risk that we may default on our debt obligations. Our
ability to meet our debt obligations and reduce our level of indebtedness depends on future
performance. General economic conditions, crude oil and natural gas prices and financial, business
and other factors will affect our operations and our future performance. Many of these factors are
beyond our control and we may not be able to generate sufficient cash flow to pay the interest on
our debt, and future working capital, borrowings and equity financing may not be available to pay
or refinance such debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Information technology systems implementation issues could disrupt our internal operations and
adversely affect our financial results or our ability to report our financial results.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are currently in the process of implementing a new Enterprise Resource Planning software
system to replace our various legacy systems. As a part of this effort, we are transitioning data
and changing processes and this may be more expensive, time consuming and resource intensive than
planned. Any disruptions that may occur in the implementation or operation of this system or any
future systems could increase our expenses and adversely affect our ability to report in an
accurate and timely manner our financial position, results of operations and cash flows and to
otherwise operate our business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Hedging transactions may limit our potential gains.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to manage our exposure to price risks in the marketing of our crude oil and natural
gas, we enter into crude oil and natural gas price hedging arrangements with respect to a portion
of our expected production. Our hedges, consisting of a series of contracts, are limited in
duration, usually for periods of one to four years. While intended to reduce the effects of
volatile crude oil and natural gas prices, such transactions may limit our potential gains if crude
oil and natural gas prices rise over the price established by the arrangements. In trying to manage
our exposure to price risk, we may end up hedging too much or too little, depending upon how our
crude oil or natural gas volumes and our production mix fluctuate in the future. In addition,
hedging transactions may expose us to the risk of financial loss in certain circumstances,
including instances in which our production is less than expected; there is a widening of price
basis differentials between delivery points for our production and the delivery point assumed in
the hedge arrangement; the counterparties to our future contracts fail to perform under the
contracts; or a sudden unexpected event materially impacts crude oil or natural gas prices. We
cannot assure that our hedging transactions will reduce the risk or minimize the effect of any
decline in crude oil or natural gas prices.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Provisions in our Certificate of Incorporation, Stockholder Rights Plan and Delaware law may
inhibit a takeover of us.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under our Certificate of Incorporation, our Board of Directors is authorized to issue shares
of our common or preferred stock without approval of our stockholders. Issuance of these shares
could make it more difficult to acquire us without the approval of our Board of Directors as more
shares would have to be acquired to gain control. We also have a stockholder rights plan, commonly
known as a &#147;poison pill,&#148; that entitles our stockholders to acquire additional shares of our
company, or a potential acquirer of our company, at a substantial discount from market value in the
event of an attempted takeover without the approval of our Board. Finally, Delaware law imposes
restrictions on mergers and other business combinations between us and any holder of 15% or more of
our outstanding common stock. These provisions may deter hostile takeover attempts that could
result in an acquisition of us that would have been financially beneficial to our stockholders.
</DIV>

<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>USE OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any proceeds from the sale by the Selling Stockholders of any of the
shares offered hereby. We will pay all of the costs of this offering other than brokerage and
underwriting fees and commissions.
</DIV>

<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SELLING STOCKHOLDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information with respect to the Selling Stockholders as of May
21, 2007. Each of the Selling Stockholders named below acquired the
shares of common stock offered hereby pursuant
to the 2005 Plan. Except as otherwise noted, we determine beneficial ownership in accordance with
Rule&nbsp;13d-3(d) promulgated by the Commission under the Securities and Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Selling Stockholders is currently, or has been within the past three years, an
employee, officer or director of ours or of our predecessors or affiliates. Because the Selling
Stockholders may offer all or some portion of the shares pursuant to this prospectus, we cannot
give an estimate as to the number of shares that the Selling Stockholders will hold upon
termination of any of these sales. In addition, the Selling Stockholders identified below may have
sold, transferred or otherwise disposed of all or a portion of their shares since the date on which
they provided the information to us regarding their shares, in transactions exempt from the
registration requirements of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;).
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of Shares</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially Owned</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Selling Stockholder</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Offered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>After Offering (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>After Offering (1)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jeffrey L. Berenson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michael A. Cawley</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Edward F. Cox</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,742</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas J. Edelman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,054,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,045,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kirby L. Hedrick</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bruce A. Smith</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William T. Van Kleef</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,883</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Less than one percent (1%).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes that all shares offered hereby are sold but no other securities held by the selling
stockholder are sold.</TD>
</TR>

</TABLE>


<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLAN OF DISTRIBUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Who may sell and applicable restrictions</I>. The Selling Stockholders will be offering and
selling all shares offered and sold under this prospectus. Alternatively, the Selling Stockholders
may, from time to time, offer the shares through brokers, dealers or agents that may receive
customary brokerage compensation in the form of discounts, commissions or concessions from the
Selling Stockholders and/or the purchasers of the shares for whom they may act as agent. In
effecting sales, broker-dealers that are engaged by the Selling Stockholders may arrange for other
broker-dealers to participate. The Selling Stockholders and any brokers, dealers or agents who
participate in the distribution of the shares may be deemed to be underwriters within the meaning
of Section&nbsp;2(11) of the Securities Act. Any profits on the sale of the shares by them and any
discounts, commissions or concessions received by any broker, dealer or agent might be deemed to be
underwriting discounts and commissions under the Securities Act. To the extent the Selling
Stockholders may be deemed to be underwriters, the Selling Stockholders may be subject to certain
statutory liabilities, including, but not limited to, Sections&nbsp;11, 12 and 17 of the Securities Act.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Manner of sales</I>. The Selling Stockholders will act independently of us in making decisions
with respect to the timing, manner and size of each sale. Sales may be made on the NYSE or other
over-the-counter markets. The shares may be sold at then prevailing market prices, at prices
related to prevailing market prices or at negotiated prices. Selling Stockholders may also resell
all or a portion of the shares in open market transactions in reliance upon Rule&nbsp;144 under the
Securities Act, provided they meet the criteria and conform to the requirements of this rule. The
Selling Stockholders may decide not to sell any of the shares offered under this prospectus, and
Selling Stockholders may transfer, devise or gift these shares by other means.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Prospectus delivery</I>. Because Selling Stockholders may be deemed to be underwriters within the
meaning of Section&nbsp;2(11) of the Securities Act, they will be subject to the prospectus delivery
requirements of the Securities Act. If a particular offer of the shares is to be made other than as
described herein, a revised prospectus, or prospectus supplement, will, to the extent required, be
distributed which will set forth the terms of such offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Expenses associated with registration</I>. We have agreed to pay the expenses of registering the
shares under the Securities Act, including registration and filing fees, printing and duplication
expenses, administrative expenses and legal and accounting fees. Each Selling Stockholder will pay
its own brokerage, underwriting fees and commissions, and legal fees, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Suspension of this offering</I>. We may suspend the use of this prospectus if we learn of any
event that causes this prospectus to include an untrue statement of a material effect or fail to
state a material fact required to be stated in the prospectus or necessary to make the statements
in the prospectus not misleading in the light of the circumstances then existing. If this type of
event occurs, a prospectus supplement or post-effective amendment, if required, will be distributed
to each Selling Stockholder.
</DIV>
<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson &#038; Knight LLP has passed upon the validity of the issuance of the shares being offered
by this prospectus.
</DIV>
<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION INCORPORATED BY REFERENCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents have been filed by the Company with the Commission pursuant to the
Exchange Act and are incorporated herein by reference:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2006,
filed pursuant to Section 13(a) of the Exchange Act;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;All other reports filed by the Company since December&nbsp;31, 2006 with the Commission
pursuant to Section 13(a) or 15(d) of the Exchange Act, including the
Company&#146;s Quarterly Report
on Form 10-Q for the fiscal quarter ended March&nbsp;31, 2007;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The description of the Company&#146;s Common Stock contained in the Registration Statement on
Form&nbsp;S-4 (No.&nbsp;333-122262) as filed with the Commission on January&nbsp;24, 2005, including any
subsequent amendment(s) or report(s) filed for the purposes of updating such description.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Company with the Commission pursuant to Sections&nbsp;13(a), 13(c), 14
and 15(d) of the Exchange Act subsequent to the date of this registration statement and prior to
the filing of a post-effective amendment that indicates that all securities offered have been sold
or which deregisters all securities then remaining unsold, will be deemed to be incorporated by
reference in this registration statement and to be part hereof from the date of filing of such
documents. Any statement contained in any document incorporated or deemed to be incorporated by
reference herein will be deemed to be modified or superseded for purposes of this registration
statement to the extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein modifies or supersedes
such statement. Any such statement so modified or superseded will not be deemed, except as modified
or superseded, to constitute a part of this registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will provide to any person, including any beneficial owner of its securities, to
whom this prospectus is delivered, a copy of any or all of this information that has been
incorporated by reference in this prospectus but not delivered with this prospectus. You may make
such requests at no cost to you by writing or telephoning the Company at the following address or
number:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Noble Energy, Inc.<BR>
100 Glenborough Drive, Suite&nbsp;100<BR>
Houston, Texas 77067-3610<BR>
Attention: Secretary<BR>
(281)&nbsp;872-3100
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN OBTAIN ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have filed with the Commission, a Registration Statement on Form S-8 (including a Form S-3
Prospectus) under the Securities Act with respect to the shares of common stock offered by this
prospectus. A copy of any document incorporated by reference in the registration statement (not
including exhibits to the information that is incorporated by reference unless such exhibits are
specifically incorporated by reference into the information that the registration statement
incorporates) will be provided by us without charge to any person (including any beneficial owner)
to whom this prospectus has been delivered upon the oral or written request of such person. Such
requests should be directed to Noble Energy, Inc., 100 Glenborough Drive, Suite&nbsp;100, Houston, Texas
77067-3610, Attention: Secretary. Our telephone number at that address is (281)&nbsp;872-3100.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are also subject to the informational requirements of the Exchange Act and are required to
file annual and quarterly reports, proxy statements and other information with the Commission. You
can inspect and copy reports and other information filed by us with the Commission at the
Commission&#146;s Public Reference Room at 100 F Street, N.E., Room&nbsp;1580, Washington, D.C. 20549. You
may also obtain information on the operation of the Public Reference Room by calling the Commission
at 1-800-SEC-0300. The Commission also maintains an Internet site at <U>http://www.sec.gov</U> that
contains reports, proxy and information statements regarding issuers, including us, that file
electronically with the Commission. Our website is <U>www.nobleenergyinc.com</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should only rely on the information incorporated by reference or provided in this
prospectus or any supplement. We have not authorized anyone else to provide you with different
information. The common stock is not being offered in any state where the offer is not permitted.
You should not assume that the information in this prospectus or any supplement is accurate as of
any date other than the date on the front of this prospectus.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THIS REGISTRATION STATEMENT</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant hereby incorporates by reference into this Registration Statement the following documents:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2006,
filed pursuant to Section 13(a) of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;All other reports filed by the Registrant since December&nbsp;31, 2006 with the Commission
pursuant to Section 13(a) or 15(d) of the Exchange Act, including the Registrant&#146;s Quarterly Report
on Form 10-Q for the fiscal quarter ended March&nbsp;31, 2007;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The description of the Registrant&#146;s Common Stock contained in the Registration Statement
on Form&nbsp;S-4 (No.&nbsp;333-122262) as filed with the Commission on January&nbsp;24, 2005, including any
subsequent amendment(s) or report(s) filed for the purposes of updating such description.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and
15(d) of the Exchange Act prior to the filing of a post effective amendment that indicates that all
securities offered have been sold or that deregisters all securities then remaining unsold shall
also be deemed to be incorporated by reference herein and to be a part hereof from the dates of
filing such documents. Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in any other subsequently
filed document which also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement. Any statements so modified or superseded shall not be deemed, except as
so modified or superseded, to constitute a part of this Registration Statement. Upon the written or
oral request of any person to whom a copy of this Registration Statement has been delivered, the
Registrant will provide without charge to such person a copy of any and all documents (excluding
exhibits thereto unless such exhibits are specifically incorporated by reference into such
documents) that have been incorporated by reference into this Registration Statement but not
delivered herewith. Requests for such documents should be directed to Noble Energy, Inc., 100
Glenborough Drive, Suite&nbsp;100, Houston, TX 77067-3610, Attention: Secretary, telephone (281)
872-3100.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant is a Delaware corporation. Under Section&nbsp;145 of the General Corporation Law of
the State of Delaware, the Registrant has the power to indemnify its directors and officers,
subject to certain limitations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to Article&nbsp;VI of the Bylaws of the Registrant as currently in effect, which
provides for indemnification of directors and officers of the Registrant under certain
circumstances. The Registrant has entered into an indemnity agreement with each of the directors
and executive officers of the Registrant, which provides certain protections to such persons against legal
claims and related expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The form of the indemnity agreements entered into between the Registrant and each of the
Registrant&#146;s directors and executive officers is filed as Exhibit&nbsp;10.18 to the Registrant&#146;s Annual Report of
Form 10-K for the year ended December&nbsp;31, 1995.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the General Corporation Law of the State of Delaware, the Certificate of
Incorporation of the Registrant limits the personal liability of the directors of the Registrant to
the Registrant or its stockholders for monetary damages for breach of fiduciary duty under certain
circumstances.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant also maintains insurance to protect itself and its directors, officers, and
certain employees and agents against expenses, liabilities and losses incurred by such persons in
connection with their service in the foregoing capacities.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing summaries are necessarily subject to the complete text of the statute, bylaw,
agreement, certificate of incorporation and insurance policy referred to above and are qualified in
their entirety by reference thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sale and issuance of securities to the Selling Stockholders was deemed to be exempt from
registration under the Securities Act by virtue of Section&nbsp;4(2) of the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference
is made to the Exhibit&nbsp;Index that appears at page&nbsp;II-5 of this Registration
Statement for a detailed list of exhibits filed as a part hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of
1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To include any material information with respect to the plan of distribution
not previously disclosed in this registration statement or any material change to such
information in this registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To reflect in the prospectus any facts or events arising after the effective
date of this registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><I>provided, however</I>, that the undertakings set forth in paragraphs (a)(1)(i) and (a)(1)(ii)
above do not apply if the registration statement is on Form S-8 and the information required
to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the registrant pursuant to Section&nbsp;13 or
Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in
this registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial <I>bona fide </I>offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in this registration statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
provisions described under Item&nbsp;6 above, or otherwise, the registrant has been advised that in the
opinion of the Commission such indemnification is against public policy as expressed in the
Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer, or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">appropriate jurisdiction the question of whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of
such issue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Houston, State of Texas, on May&nbsp;23, 2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">NOBLE ENERGY, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ CHARLES D. DAVIDSON
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles D. Davidson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the dates indicated. The undersigned
persons hereby constitute and appoint Charles D. Davidson and Chris Tong, or either of them, as
their true and lawful attorneys-in-fact with full power to execute in their names and on their
behalf, in the capacities indicated below, any and all amendments to this Registration Statement
and the Prior Registration Statements filed with the Commission and hereby ratify and confirm all
that such attorneys-in-fact shall lawfully do or cause to be done by virtue hereof.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature </B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Capacity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Charles D. Davidson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Charles
D. Davidson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">President, Chief Executive Officer and<br>
Chairman of the Board<br>
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;23, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Chris Tong
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Chris
Tong
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Senior Vice President,Chief Financial<br>
Officer and Treasurer<br>
(Principal Financial Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;23, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jeffrey L. Berenson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Jeffrey
L. Berenson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;23, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael A. Cawley
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Michael
A. Cawley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;23, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Edward F. Cox
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Edward
F. Cox
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;23, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Thomas J. Edelman
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Thomas
J. Edelman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;23, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Kirby L. Hedrick
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Kirby
L. Hedrick
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;23, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bruce A. Smith
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Bruce
A. Smith
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;23, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ William T. Van Kleef
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;William
T. Van Kleef
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;23, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2005 Stock Plan for Non-Employee Directors of Noble Energy, Inc. (filed as Exhibit
10.1 to the Registrant&#146;s Current Report on Form&nbsp;8-K (Date of Event: April&nbsp;26, 2005)
filed April&nbsp;29, 2005 and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Thompson &#038; Knight LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PriceWaterhouseCoopers LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Thompson &#038; Knight LLP (included in Exhibit&nbsp;5.1)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->II-5<!-- /Folio -->
</DIV>

</BODY>
</HTML>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on May 23, 2007
Registration Statement No. 333-
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
NOBLE ENERGY, INC.
(
Exact name of registrant as specified in its charter
)
Delaware
(
State of Incorporation
)
73-0785597
(
IRS Employer Identification No.
)
100 Glenborough Drive, Suite 100
Houston, Texas
(
Address of Principal Executive Offices
)
77067
(
Zip Code
)
2005 Stock Plan for Non-Employee Directors of Noble Energy, Inc.
(
Full title of the Plan
)
Chris Tong
Copy to:
Chief Financial Officer
Noble Energy, Inc.
100 Glenborough, Suite 100
Houston, Texas 77067
(
Name and address of agent for service
)
Joe Dannenmaier
Harry R. Beaudry
Thompson & Knight LLP
333 Clay Street, Suite 3300
Houston, Texas 77002
(713) 654-8111
(281) 872-3100
(
Telephone number, including
area code, of agent for service
)
CALCULATION OF REGISTRATION FEE
Title of securities
Amount
Proposed maximum
Proposed maximum
Amount
to be
to be
offering price
aggregate
of
registered
registered (1)(2)
per share (3)
offering price (3)
registration fee
Common Stock, $3.33 1/3 par value per share
800,000 shares
$63.31
$50,648,000
$1,555
(1)
Registrant is registering 800,000 shares under the 2005 Stock Plan for Non-Employee Directors
of Noble Energy, Inc. pursuant to this Registration Statement.
(2)
Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"),
this Registration Statement shall also include such additional indeterminate number of shares
of common stock as may become issuable under the plan as a result of stock splits, stock
dividends or similar transactions.
(3)
Estimated solely for the purpose of determining the registration fee pursuant to Rule 457(c)
and (h)(1) under the Securities Act of 1933, as amended, on the basis of the average of the
high and low prices of the common stock of Registrant reported on the New York Stock Exchange
for May 21, 2007.
Table of Contents
PART I
EXPLANATORY NOTE
This Registration Statement on Form S-8 registers 800,000 shares of common stock of Noble
Energy, Inc. (the "Company"), which have been reserved for issuance pursuant to the 2005 Stock Plan
for Non-Employee Directors of Noble Energy, Inc. (the "2005 Plan"). The Board of Directors of the
Company recommended for approval and, on April 26, 2005, the stockholders of the Company approved
the 2005 Plan.
This Registration Statement also registers the reoffer and resale, as permitted by Form S-8
General Instruction C and Rule 429 of the Securities Act, of up
to 39,313 shares of common stock of
the Company that have been issued under the 2005 Plan prior to the filing of this Registration
Statement to certain non-employee directors named in this Registration Statement (the "Selling
Stockholders"). These shares of common stock may be considered "restricted securities" as defined
in General Instruction C(1) to Form S-8.
This Registration Statement contains two parts. The first part constitutes a "reoffer"
prospectus prepared in accordance with Part I of Form S-3 pursuant to General Instruction C of Form
S-8. The second part contains information required in this Registration Statement pursuant to Part
II of Form S-8.
1
Table of Contents
NOBLE ENERGY, INC.
REOFFER PROSPECTUS
39,313 SHARES OF COMMON STOCK
This
reoffer prospectus covers 39,313 shares of common stock, $3.33 1/3 par value of Noble
Energy, Inc. This prospectus relates to the reoffer and resale of shares of common stock that have
been acquired pursuant to the 2005 Plan by our non-employee directors. We will not receive any
proceeds from these sales.
The Selling Stockholders described in this prospectus may reoffer and resell the shares from
time to time. The shares may be offered at prevailing market prices, at prices related to such
prevailing market prices, at negotiated prices, or at fixed prices. See "Plan of Distribution."
Our common stock is listed on the New York Stock Exchange under the symbol "NBL." On May 21,
2007, the last reported sales price of our common stock on the New York Stock Exchange was $ 63.65
per share.
Investing in our common stock involves risks. Please carefully consider
the "Risk Factors" beginning on Page 3 of this prospectus.
Neither the Securities and Exchange Commission nor any state securities commission
has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.
The date of this prospectus is May 23, 2007
2
TABLE OF CONTENTS
Page
OUR BUSINESS
3
RISK FACTORS
3
USE OF PROCEEDS
9
SELLING STOCKHOLDERS
9
PLAN OF DISTRIBUTION
9
LEGAL MATTERS
10
INFORMATION INCORPORATED BY REFERENCE
10
WHERE YOU CAN OBTAIN ADDITIONAL INFORMATION
11
Opinion of Thompson & Knight LLP
Consent of KPMG LLP
Consent of PricewaterhouseCoopers LLP
OUR BUSINESS
Noble Energy, Inc. ("Noble Energy", "we" or "us") is a Delaware corporation, formed in 1969,
that has been publicly traded on the New York Stock Exchange ("NYSE") since 1980. We are an
independent energy company that has been engaged in the exploration, development, production and
marketing of crude oil and natural gas since 1932. In this report, unless otherwise indicated or
where the context otherwise requires, information includes that of Noble Energy and its
subsidiaries. Exploration activities include geophysical and geological evaluation and exploratory
drilling on properties for which we have exploration rights. We operate throughout major basins in
the U.S. including Colorado's Wattenberg field, the Mid-continent region of western Oklahoma and
the Texas Panhandle, the San Juan Basin in New Mexico, the Gulf Coast and the Gulf of Mexico. In
addition, we conduct business internationally in West Africa (Equatorial Guinea and Cameroon), the
Mediterranean Sea (Israel), Ecuador, the North Sea (UK, the
Netherlands and Norway), China, Argentina, and Suriname.
We are a worldwide producer of crude oil and natural gas. Our strategy is to achieve growth in
earnings and cash flow through the development of a high quality portfolio of producing assets that
is balanced between domestic and international projects. In 2005, we completed a merger with Patina
Oil & Gas Corporation. In 2006, we acquired U.S. Exploration Holdings, Inc. and sold substantially
all of our Gulf of Mexico shelf properties, except for the Main Pass area. These transactions have
allowed us to achieve a strategic objective of enhancing our U.S. asset portfolio which has
resulted in a company with assets and capabilities that include growing U.S. basins coupled with a
significant portfolio of international properties. Our 2006 crude oil and natural gas production
volume was 29% higher than 2005 and 75% higher than 2004. Our reserve base is balanced between
domestic and international sources at 55% domestic and 45% international. We are now a larger, more
diversified company with greater opportunities for both domestic and international growth.
As of December 31, 2006, we had estimated proved reserves of 3.2 trillion cubic feet of
natural gas and 296 million barrels of crude oil. On a combined basis, these proved reserves were
equivalent to 835 million barrels oil equivalent, of which 55% were located in the U.S. and 45%
were located internationally. Our proved reserves have increased 4% since December 31, 2005 and 59%
over the past three years. At December 31, 2006, 71% of reserves were proved developed reserves.
Our principal corporate office, including our offices for domestic and international
operations, is located at 100 Glenborough Drive, Suite 100, Houston, Texas 77067-3610. We maintain
additional offices in Ardmore, Oklahoma and Denver, Colorado and in China, Cameroon, Ecuador,
Equatorial Guinea, Israel and the UK. Our website address is
www.nobleenergyinc.com
. Available on
this website under "Investor Relations—Investor Relations Menu—SEC Filings," free of charge, are
our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, Forms
3, 4 and 5 filed on behalf of directors and officers and amendments to those reports as soon as
reasonably practicable after such materials are electronically filed with or furnished to the U.S.
Securities and Exchange Commission ("Commission").
RISK FACTORS
Crude oil and natural gas prices are volatile and a substantial reduction in these prices could
adversely affect our results and the price of our common stock.
Our revenues, operating results and future rate of growth depend highly upon the prices we
receive for our crude oil and natural gas production. Historically, the markets for crude oil and
natural gas have been volatile and are likely to continue to be volatile in the future. The markets
and prices for crude oil and natural gas depend on factors beyond our control. These factors
include demand for crude oil and natural gas, which fluctuates with changes in market and economic
conditions, and other factors, including:
3
Table of Contents
•
worldwide and domestic supplies of crude oil and natural gas;
•
actions taken by foreign oil and gas producing nations;
•
political conditions and events (including instability or armed conflict) in crude
oil producing or natural gas producing regions;
•
the level of global crude oil and natural gas inventories;
•
the price and level of foreign imports;
•
the price and availability of alternative fuels;
•
the availability of pipeline capacity;
•
the availability of crude oil transportation and refining capacity;
•
weather conditions;
•
domestic and foreign governmental regulations and taxes; and
•
the overall economic environment.
Significant declines in crude oil and natural gas prices for an extended period may have the following effects on our business:
•
limiting our financial condition, liquidity, ability to finance planned capital expenditures and results of operations;
•
reducing the amount of crude oil and natural gas that we can produce economically;
•
causing us to delay or postpone some of our capital projects;
•
reducing our revenues, operating income and cash flow;
•
reducing the carrying value of our crude oil and natural gas properties; or
•
limiting our access to sources of capital, such as equity and long-term debt.
Estimates of crude oil and natural gas reserves are not precise.
There are numerous uncertainties inherent in estimating crude oil and natural gas reserves and
their value, including many factors that are beyond our control. Reservoir engineering is a
subjective process of estimating underground accumulations of crude oil and natural gas that cannot
be measured in an exact manner. The estimates depend on a number of factors and assumptions that
may vary considerably from actual results, including:
•
historical production from the area compared with production from other areas;
•
the assumed effects of regulations by governmental agencies;
•
assumptions concerning future crude oil and natural gas prices;
•
future operating costs;
•
severance and excise taxes;
•
development costs; and
4
Table of Contents
•
workover and remedial costs.
For these reasons, estimates of the economically recoverable quantities of crude oil and natural
gas attributable to any particular group of properties, classifications of those reserves based on
risk of recovery and estimates of the future net cash flows expected from them prepared by
different engineers or by the same engineers but at different times may vary substantially.
Accordingly, reserve estimates may be subject to upward or downward adjustment, and actual
production, revenue and expenditures with respect to our reserves likely will vary, possibly
materially, from estimates.
Additionally, because some of our reserve estimates are calculated using volumetric analysis,
those estimates are less reliable than the estimates based on a lengthy production history.
Volumetric analysis involves estimating the volume of a reservoir based on the net feet of pay of
the structure and an estimation of the area covered by the structure. In addition, realization or
recognition of proved undeveloped reserves will depend on our development schedule and plans. A
change in future development plans for proved undeveloped reserves could cause the discontinuation
of the classification of these reserves as proved.
Failure to fund continued capital expenditures could adversely affect our properties.
Our exploration, development and acquisition activities require substantial capital
expenditures. Historically, we have funded our capital expenditures through a combination of cash
flows from operations, our revolving bank credit facility and debt and equity issuances. Future
cash flows are subject to a number of variables, such as the level of production from existing
wells, prices of crude oil and natural gas, and our success in finding, developing and producing
new reserves. If revenue were to decrease as a result of lower crude oil and natural gas prices or
decreased production, and our access to capital were limited, we would have a reduced ability to
replace our reserves, resulting in a decrease in production over time. If our cash flow from
operations is not sufficient to meet our obligations and fund our capital budget, we may not be
able to access debt, equity or other methods of financing on an economic basis to meet these
requirements. If we are not able to fund our capital expenditures, interests in some properties
might be reduced or forfeited as a result.
We may be unable to make attractive acquisitions or integrate acquired businesses and/or assets,
and any inability to do so may disrupt our business.
One aspect of our business strategy calls for acquisitions of businesses and assets that
complement or expand our current business. We cannot provide assurance that we will be able to
identify attractive acquisition opportunities. Even if we do identify attractive opportunities, we
cannot provide assurance that we will be able to complete the acquisition of them or do so on
commercially acceptable terms. Additionally, if we acquire another business, we could have
difficulty integrating its operations, systems, management and other personnel and technology with
our own. These difficulties could disrupt ongoing business, distract management and employees,
increase expenses and adversely affect results of operations. Even if these difficulties could be
overcome, we cannot provide assurance that the anticipated benefits of any acquisition would be
realized.
Our international operations may be adversely affected by economic and political developments.
We have significant international crude oil and natural gas operations. These operations may
be adversely affected by political and economic developments, including the following:
•
war, terrorist acts and civil disturbances, such as currently occurring in Israel and
other countries in the Middle East;
•
loss of revenue, property and equipment as a result of actions taken by foreign crude
oil and natural gas producing nations, such as expropriation or nationalization of
assets and renegotiation, modification or nullification of existing contracts, such as
may occur pursuant to the new hydrocarbons law recently enacted by the government of
Equatorial Guinea;
•
changes in taxation policies, including the effects of additional oil profits taxes
recently imposed by China and Ecuador and the increase in the Supplementary Charge
imposed by the UK on North Sea income;
•
laws and policies of the United States and foreign jurisdictions affecting foreign
investment, taxation, trade and business conduct;
•
foreign exchange restrictions;
•
international monetary fluctuations; and
5
Table of Contents
•
other hazards arising out of foreign governmental sovereignty over areas in which we conduct operations.
We are subject to various governmental regulations and environmental risks that may cause us to
incur substantial costs.
From time to time, in varying degrees, political developments and federal and state laws and
regulations affect our operations. In particular, price controls, taxes and other laws relating to
the crude oil and natural gas industry, changes in these laws and changes in administrative
regulations have affected and in the future could affect crude oil and natural gas production,
operations and economics. We cannot predict how agencies or courts will interpret existing laws and
regulations or the effect these adoptions and interpretations may have on our business or financial
condition.
Our business is subject to laws and regulations promulgated by international, federal, state
and local authorities relating to the exploration for, and the development, production and
marketing of, crude oil and natural gas, as well as safety matters. Legal requirements are
frequently changed and subject to interpretation and we are unable to predict the ultimate cost of
compliance with these requirements or their effect on our operations. We may be required to make
significant expenditures to comply with governmental laws and regulations.
Our operations are subject to complex international, federal, state and local environmental
laws and regulations including in the case of federal laws, the Comprehensive Environmental
Response, Compensation and Liability Act, as amended, the Resource Conservation and Recovery Act,
as amended, the Oil Pollution Act of 1990 and the Clean Water Act. Environmental laws and
regulations change frequently and the implementation of new, or the modification of existing, laws
or regulations could harm us. The discharge of natural gas, crude oil, or other pollutants into the
air, soil or water may give rise to significant liabilities on our part to the government and third
parties and may require us to incur substantial costs of remediation.
Exploration, development and production risks and natural disasters could result in liability
exposure or the loss of production and revenues.
Our operations are subject to hazards and risks inherent in the drilling, production and
transportation of crude oil and natural gas, including:
•
pipeline ruptures and spills;
•
fires;
•
explosions, blowouts and cratering;
•
formations with abnormal pressures;
•
equipment malfunctions;
•
hurricanes; and
•
other natural disasters.
Any of these can result in loss of hydrocarbons, environmental pollution and other damage to our
properties or the properties of others.
Exploration and development drilling may not result in commercially productive reserves.
We do not always encounter commercially productive reservoirs through our drilling operations.
The wells we drill or participate in may not be productive and we may not recover all or any
portion of our investment in those wells. The seismic data and other technologies we use do not
allow us to know conclusively prior to drilling a well that crude oil or natural gas is present or
may be produced economically. The cost of drilling, completing and operating a well is often
uncertain, and cost factors can adversely affect the economics of a project. Our efforts will be
unprofitable if we drill dry holes or wells that are productive but do not produce enough reserves
to return a profit after drilling, operating and other costs. Further, our drilling operations may
be curtailed, delayed or canceled as a result of a variety of factors, including:
•
unexpected drilling conditions;
•
title problems;
6
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•
pressure or irregularities in formations;
•
equipment failures or accidents;
•
adverse weather conditions;
•
compliance with environmental and other governmental requirements; and
•
increases in the cost of, or shortages or delays in the availability of, drilling rigs and equipment.
The unavailability or high cost of drilling rigs, equipment, supplies, personnel and other oil
field services could adversely affect our ability to execute our exploration and development plans
on a timely basis and within our budget.
Our industry is cyclical and, from time to time, there is a shortage of drilling rigs,
equipment, supplies or qualified personnel. During these periods, the costs of rigs, equipment and
supplies are substantially greater and their availability may be limited. As a result of increasing
levels of exploration and production in response to strong demand for crude oil and natural gas,
the demand for oilfield services has risen and the costs of these services are increasing, while
the quality of these services may suffer. Additionally, these services may not be available on
commercially reasonable terms.
We may not have enough insurance to cover all of the risks we face, which could result in
significant financial exposure.
Exploration for and production of crude oil and natural gas can be hazardous, involving
natural disasters and other unfortuitous events such as blowouts, cratering, fire and explosion and
loss of well control which can result in damage to or destruction of wells or production
facilities, injury to persons, loss of life, or damage to property and the environment. In
accordance with industry practices, we maintain insurance against many, but not all, potential
perils confronting our operations and in coverage amounts and deductible levels that we believe to
be prudent. Consistent with that profile, our insurance program is structured to provide us
financial protection from unfavorable loss severity resulting from damages to or the loss of
physical assets or loss of human life, liability claims of third parties, and business interruption
(loss of production) attributed to certain assets. Although we believe the coverages and amounts
of insurance carried are adequate, we may not have sufficient protection against some of the risks
we face, either because insurance is not available on commercially reasonable terms or actual
losses exceed coverage limits. If an event occurs that is not covered by insurance or not fully
protected by insured limits, it could have an adverse impact on our financial condition, results of
operations and cash flows.
We face significant competition and many of our competitors have resources in excess of our
available resources.
We operate in the highly competitive areas of crude oil and natural gas exploration,
exploitation, acquisition and production. We face intense competition from a large number of
independent, technology-driven companies as well as both major and other independent crude oil and
natural gas companies in a number of areas such as:
•
seeking to acquire desirable producing properties or new leases for future exploration;
•
marketing our crude oil and natural gas production; and
•
seeking to acquire the equipment and expertise necessary to operate and develop properties.
Many of our competitors have financial and other resources substantially in excess of those
available to us. This highly competitive environment could have an adverse impact on our business.
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Our level of indebtedness may limit our financial flexibility.
As of December 31, 2006, we had long-term indebtedness of $1.805 billion, with $1.155 billion
drawn under our bank credit facility. Our long-term indebtedness represented 30% of our total book
capitalization at December 31, 2006.
Our level of indebtedness affects our operations in several ways, including the following:
•
a portion of our cash flows from operating activities must be used to service our
indebtedness and is not available for other purposes;
•
we may be at a competitive disadvantage as compared to similar companies that have
less debt;
•
the covenants contained in the agreements governing our outstanding indebtedness and
future indebtedness may limit our ability to borrow additional funds, pay dividends and
make certain investments and may also affect our flexibility in planning for, and
reacting to, changes in the economy and in our industry;
•
additional financing in the future for working capital, capital expenditures,
acquisitions, general corporate or other purposes may have higher costs and more
restrictive covenants;
•
changes in the credit ratings of our debt may negatively affect the cost, terms,
conditions and availability of future financing, and lower ratings will increase the
interest rate and fees we pay on our revolving credit facility; and
•
we may be more vulnerable to general adverse economic and industry conditions.
We may incur additional debt in order to fund our exploration and development activities. A
higher level of indebtedness increases the risk that we may default on our debt obligations. Our
ability to meet our debt obligations and reduce our level of indebtedness depends on future
performance. General economic conditions, crude oil and natural gas prices and financial, business
and other factors will affect our operations and our future performance. Many of these factors are
beyond our control and we may not be able to generate sufficient cash flow to pay the interest on
our debt, and future working capital, borrowings and equity financing may not be available to pay
or refinance such debt.
Information technology systems implementation issues could disrupt our internal operations and
adversely affect our financial results or our ability to report our financial results.
We are currently in the process of implementing a new Enterprise Resource Planning software
system to replace our various legacy systems. As a part of this effort, we are transitioning data
and changing processes and this may be more expensive, time consuming and resource intensive than
planned. Any disruptions that may occur in the implementation or operation of this system or any
future systems could increase our expenses and adversely affect our ability to report in an
accurate and timely manner our financial position, results of operations and cash flows and to
otherwise operate our business.
Hedging transactions may limit our potential gains.
In order to manage our exposure to price risks in the marketing of our crude oil and natural
gas, we enter into crude oil and natural gas price hedging arrangements with respect to a portion
of our expected production. Our hedges, consisting of a series of contracts, are limited in
duration, usually for periods of one to four years. While intended to reduce the effects of
volatile crude oil and natural gas prices, such transactions may limit our potential gains if crude
oil and natural gas prices rise over the price established by the arrangements. In trying to manage
our exposure to price risk, we may end up hedging too much or too little, depending upon how our
crude oil or natural gas volumes and our production mix fluctuate in the future. In addition,
hedging transactions may expose us to the risk of financial loss in certain circumstances,
including instances in which our production is less than expected; there is a widening of price
basis differentials between delivery points for our production and the delivery point assumed in
the hedge arrangement; the counterparties to our future contracts fail to perform under the
contracts; or a sudden unexpected event materially impacts crude oil or natural gas prices. We
cannot assure that our hedging transactions will reduce the risk or minimize the effect of any
decline in crude oil or natural gas prices.
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Provisions in our Certificate of Incorporation, Stockholder Rights Plan and Delaware law may
inhibit a takeover of us.
Under our Certificate of Incorporation, our Board of Directors is authorized to issue shares
of our common or preferred stock without approval of our stockholders. Issuance of these shares
could make it more difficult to acquire us without the approval of our Board of Directors as more
shares would have to be acquired to gain control. We also have a stockholder rights plan, commonly
known as a "poison pill," that entitles our stockholders to acquire additional shares of our
company, or a potential acquirer of our company, at a substantial discount from market value in the
event of an attempted takeover without the approval of our Board. Finally, Delaware law imposes
restrictions on mergers and other business combinations between us and any holder of 15% or more of
our outstanding common stock. These provisions may deter hostile takeover attempts that could
result in an acquisition of us that would have been financially beneficial to our stockholders.
USE OF PROCEEDS
We will not receive any proceeds from the sale by the Selling Stockholders of any of the
shares offered hereby. We will pay all of the costs of this offering other than brokerage and
underwriting fees and commissions.
SELLING STOCKHOLDERS
The following table sets forth information with respect to the Selling Stockholders as of May
21, 2007. Each of the Selling Stockholders named below acquired the
shares of common stock offered hereby pursuant
to the 2005 Plan. Except as otherwise noted, we determine beneficial ownership in accordance with
Rule 13d-3(d) promulgated by the Commission under the Securities and Exchange Act of 1934, as
amended (the "Exchange Act").
Each of the Selling Stockholders is currently, or has been within the past three years, an
employee, officer or director of ours or of our predecessors or affiliates. Because the Selling
Stockholders may offer all or some portion of the shares pursuant to this prospectus, we cannot
give an estimate as to the number of shares that the Selling Stockholders will hold upon
termination of any of these sales. In addition, the Selling Stockholders identified below may have
sold, transferred or otherwise disposed of all or a portion of their shares since the date on which
they provided the information to us regarding their shares, in transactions exempt from the
registration requirements of the Securities Act of 1933, as amended (the "Securities Act").
Number of Shares
Number of Shares
Percentage of Shares
Beneficially
Number of Shares
Beneficially Owned
Beneficially Owned
Selling Stockholder
Owned
Offered
After Offering (1)
After Offering (1)
Jeffrey L. Berenson
42,860
8,359
34,501
*
Michael A. Cawley
58,840
3,559
55,281
*
Edward F. Cox
20,742
3,559
17,183
*
Thomas J. Edelman
3,054,205
8,359
3,045,846
1.8
%
Kirby L. Hedrick
59,242
3,559
55,683
*
Bruce A. Smith
60,242
3,559
56,683
*
William T. Van Kleef
33,242
8,359
24,883
*
*
Less than one percent (1%).
(1)
Assumes that all shares offered hereby are sold but no other securities held by the selling
stockholder are sold.
PLAN OF DISTRIBUTION
Who may sell and applicable restrictions
. The Selling Stockholders will be offering and
selling all shares offered and sold under this prospectus. Alternatively, the Selling Stockholders
may, from time to time, offer the shares through brokers, dealers or agents that may receive
customary brokerage compensation in the form of discounts, commissions or concessions from the
Selling Stockholders and/or the purchasers of the shares for whom they may act as agent. In
effecting sales, broker-dealers that are engaged by the Selling Stockholders may arrange for other
broker-dealers to participate. The Selling Stockholders and any brokers, dealers or agents who
participate in the distribution of the shares may be deemed to be underwriters within the meaning
of Section 2(11) of the Securities Act. Any profits on the sale of the shares by them and any
discounts, commissions or concessions received by any broker, dealer or agent might be deemed to be
underwriting discounts and commissions under the Securities Act. To the extent the Selling
Stockholders may be deemed to be underwriters, the Selling Stockholders may be subject to certain
statutory liabilities, including, but not limited to, Sections 11, 12 and 17 of the Securities Act.
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Manner of sales
. The Selling Stockholders will act independently of us in making decisions
with respect to the timing, manner and size of each sale. Sales may be made on the NYSE or other
over-the-counter markets. The shares may be sold at then prevailing market prices, at prices
related to prevailing market prices or at negotiated prices. Selling Stockholders may also resell
all or a portion of the shares in open market transactions in reliance upon Rule 144 under the
Securities Act, provided they meet the criteria and conform to the requirements of this rule. The
Selling Stockholders may decide not to sell any of the shares offered under this prospectus, and
Selling Stockholders may transfer, devise or gift these shares by other means.
Prospectus delivery
. Because Selling Stockholders may be deemed to be underwriters within the
meaning of Section 2(11) of the Securities Act, they will be subject to the prospectus delivery
requirements of the Securities Act. If a particular offer of the shares is to be made other than as
described herein, a revised prospectus, or prospectus supplement, will, to the extent required, be
distributed which will set forth the terms of such offer.
Expenses associated with registration
. We have agreed to pay the expenses of registering the
shares under the Securities Act, including registration and filing fees, printing and duplication
expenses, administrative expenses and legal and accounting fees. Each Selling Stockholder will pay
its own brokerage, underwriting fees and commissions, and legal fees, if any.
Suspension of this offering
. We may suspend the use of this prospectus if we learn of any
event that causes this prospectus to include an untrue statement of a material effect or fail to
state a material fact required to be stated in the prospectus or necessary to make the statements
in the prospectus not misleading in the light of the circumstances then existing. If this type of
event occurs, a prospectus supplement or post-effective amendment, if required, will be distributed
to each Selling Stockholder.
LEGAL MATTERS
Thompson & Knight LLP has passed upon the validity of the issuance of the shares being offered
by this prospectus.
INFORMATION INCORPORATED BY REFERENCE
The following documents have been filed by the Company with the Commission pursuant to the
Exchange Act and are incorporated herein by reference:
(a) The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2006,
filed pursuant to Section 13(a) of the Exchange Act;
(b) All other reports filed by the Company since December 31, 2006 with the Commission
pursuant to Section 13(a) or 15(d) of the Exchange Act, including the
Company's Quarterly Report
on Form 10-Q for the fiscal quarter ended March 31, 2007;
(c) The description of the Company's Common Stock contained in the Registration Statement on
Form S-4 (No. 333-122262) as filed with the Commission on January 24, 2005, including any
subsequent amendment(s) or report(s) filed for the purposes of updating such description.
All documents filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14
and 15(d) of the Exchange Act subsequent to the date of this registration statement and prior to
the filing of a post-effective amendment that indicates that all securities offered have been sold
or which deregisters all securities then remaining unsold, will be deemed to be incorporated by
reference in this registration statement and to be part hereof from the date of filing of such
documents. Any statement contained in any document incorporated or deemed to be incorporated by
reference herein will be deemed to be modified or superseded for purposes of this registration
statement to the extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein modifies or supersedes
such statement. Any such statement so modified or superseded will not be deemed, except as modified
or superseded, to constitute a part of this registration statement.
The Company will provide to any person, including any beneficial owner of its securities, to
whom this prospectus is delivered, a copy of any or all of this information that has been
incorporated by reference in this prospectus but not delivered with this prospectus. You may make
such requests at no cost to you by writing or telephoning the Company at the following address or
number:
Noble Energy, Inc.
100 Glenborough Drive, Suite 100
Houston, Texas 77067-3610
Attention: Secretary
(281) 872-3100
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WHERE YOU CAN OBTAIN ADDITIONAL INFORMATION
We have filed with the Commission, a Registration Statement on Form S-8 (including a Form S-3
Prospectus) under the Securities Act with respect to the shares of common stock offered by this
prospectus. A copy of any document incorporated by reference in the registration statement (not
including exhibits to the information that is incorporated by reference unless such exhibits are
specifically incorporated by reference into the information that the registration statement
incorporates) will be provided by us without charge to any person (including any beneficial owner)
to whom this prospectus has been delivered upon the oral or written request of such person. Such
requests should be directed to Noble Energy, Inc., 100 Glenborough Drive, Suite 100, Houston, Texas
77067-3610, Attention: Secretary. Our telephone number at that address is (281) 872-3100.
We are also subject to the informational requirements of the Exchange Act and are required to
file annual and quarterly reports, proxy statements and other information with the Commission. You
can inspect and copy reports and other information filed by us with the Commission at the
Commission's Public Reference Room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You
may also obtain information on the operation of the Public Reference Room by calling the Commission
at 1-800-SEC-0300. The Commission also maintains an Internet site at
http://www.sec.gov
that
contains reports, proxy and information statements regarding issuers, including us, that file
electronically with the Commission. Our website is
www.nobleenergyinc.com
.
You should only rely on the information incorporated by reference or provided in this
prospectus or any supplement. We have not authorized anyone else to provide you with different
information. The common stock is not being offered in any state where the offer is not permitted.
You should not assume that the information in this prospectus or any supplement is accurate as of
any date other than the date on the front of this prospectus.
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PART II
INFORMATION REQUIRED IN THIS REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The Registrant hereby incorporates by reference into this Registration Statement the following documents:
(a) The Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2006,
filed pursuant to Section 13(a) of the Securities Exchange Act of 1934 (the "Exchange Act");
(b) All other reports filed by the Registrant since December 31, 2006 with the Commission
pursuant to Section 13(a) or 15(d) of the Exchange Act, including the Registrant's Quarterly Report
on Form 10-Q for the fiscal quarter ended March 31, 2007;
(c) The description of the Registrant's Common Stock contained in the Registration Statement
on Form S-4 (No. 333-122262) as filed with the Commission on January 24, 2005, including any
subsequent amendment(s) or report(s) filed for the purposes of updating such description.
All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act prior to the filing of a post effective amendment that indicates that all
securities offered have been sold or that deregisters all securities then remaining unsold shall
also be deemed to be incorporated by reference herein and to be a part hereof from the dates of
filing such documents. Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in any other subsequently
filed document which also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement. Any statements so modified or superseded shall not be deemed, except as
so modified or superseded, to constitute a part of this Registration Statement. Upon the written or
oral request of any person to whom a copy of this Registration Statement has been delivered, the
Registrant will provide without charge to such person a copy of any and all documents (excluding
exhibits thereto unless such exhibits are specifically incorporated by reference into such
documents) that have been incorporated by reference into this Registration Statement but not
delivered herewith. Requests for such documents should be directed to Noble Energy, Inc., 100
Glenborough Drive, Suite 100, Houston, TX 77067-3610, Attention: Secretary, telephone (281)
872-3100.
Item 4. Description of Securities.
Not Applicable
Item 5. Interests of Named Experts and Counsel.
Not Applicable
Item 6. Indemnification of Directors and Officers.
The Registrant is a Delaware corporation. Under Section 145 of the General Corporation Law of
the State of Delaware, the Registrant has the power to indemnify its directors and officers,
subject to certain limitations.
Reference is made to Article VI of the Bylaws of the Registrant as currently in effect, which
provides for indemnification of directors and officers of the Registrant under certain
circumstances. The Registrant has entered into an indemnity agreement with each of the directors
and executive officers of the Registrant, which provides certain protections to such persons against legal
claims and related expenses.
The form of the indemnity agreements entered into between the Registrant and each of the
Registrant's directors and executive officers is filed as Exhibit 10.18 to the Registrant's Annual Report of
Form 10-K for the year ended December 31, 1995.
Pursuant to the General Corporation Law of the State of Delaware, the Certificate of
Incorporation of the Registrant limits the personal liability of the directors of the Registrant to
the Registrant or its stockholders for monetary damages for breach of fiduciary duty under certain
circumstances.
The Registrant also maintains insurance to protect itself and its directors, officers, and
certain employees and agents against expenses, liabilities and losses incurred by such persons in
connection with their service in the foregoing capacities.
II-1
Table of Contents
The foregoing summaries are necessarily subject to the complete text of the statute, bylaw,
agreement, certificate of incorporation and insurance policy referred to above and are qualified in
their entirety by reference thereto.
Item 7. Exemption from Registration Claimed.
The sale and issuance of securities to the Selling Stockholders was deemed to be exempt from
registration under the Securities Act by virtue of Section 4(2) of the Securities Act.
Item 8. Exhibits.
Reference
is made to the Exhibit Index that appears at page II-5 of this Registration
Statement for a detailed list of exhibits filed as a part hereof.
Item 9. Undertakings.
(a) The Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of
1933;
(ii) To include any material information with respect to the plan of distribution
not previously disclosed in this registration statement or any material change to such
information in this registration statement;
(iii) To reflect in the prospectus any facts or events arising after the effective
date of this registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement;
provided, however
, that the undertakings set forth in paragraphs (a)(1)(i) and (a)(1)(ii)
above do not apply if the registration statement is on Form S-8 and the information required
to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or
Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in
this registration statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial
bona fide
offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in this registration statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
bona fide
offering
thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
provisions described under Item 6 above, or otherwise, the registrant has been advised that in the
opinion of the Commission such indemnification is against public policy as expressed in the
Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer, or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
II-2
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appropriate jurisdiction the question of whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of
such issue.
II-3
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Houston, State of Texas, on May 23, 2007.
NOBLE ENERGY, INC.
By:
/s/ CHARLES D. DAVIDSON
Charles D. Davidson
President and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the dates indicated. The undersigned
persons hereby constitute and appoint Charles D. Davidson and Chris Tong, or either of them, as
their true and lawful attorneys-in-fact with full power to execute in their names and on their
behalf, in the capacities indicated below, any and all amendments to this Registration Statement
and the Prior Registration Statements filed with the Commission and hereby ratify and confirm all
that such attorneys-in-fact shall lawfully do or cause to be done by virtue hereof.
Signature
Capacity
Date
/s/ Charles D. Davidson
Charles
D. Davidson
President, Chief Executive Officer and
Chairman of the Board
(Principal Executive Officer)
May 23, 2007
/s/ Chris Tong
Chris
Tong
Senior Vice President,Chief Financial
Officer and Treasurer
(Principal Financial Officer)
May 23, 2007
/s/ Jeffrey L. Berenson
Jeffrey
L. Berenson
Director
May 23, 2007
/s/ Michael A. Cawley
Michael
A. Cawley
Director
May 23, 2007
/s/ Edward F. Cox
Edward
F. Cox
Director
May 23, 2007
/s/ Thomas J. Edelman
Thomas
J. Edelman
Director
May 23, 2007
/s/ Kirby L. Hedrick
Kirby
L. Hedrick
Director
May 23, 2007
/s/ Bruce A. Smith
Bruce
A. Smith
Director
May 23, 2007
/s/ William T. Van Kleef
William
T. Van Kleef
Director
May 23, 2007
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INDEX TO EXHIBITS
Exhibit
No.
Description
4.1
2005 Stock Plan for Non-Employee Directors of Noble Energy, Inc. (filed as Exhibit
10.1 to the Registrant's Current Report on Form 8-K (Date of Event: April 26, 2005)
filed April 29, 2005 and incorporated herein by reference).
5.1*
Opinion of Thompson & Knight LLP
23.1*
Consent of KPMG LLP
23.2*
Consent of PriceWaterhouseCoopers LLP
23.3*
Consent of Thompson & Knight LLP (included in Exhibit 5.1)
*
Filed herewith.
II-5