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|                                                                          |   |                             |   |                                                |
|-------------------------------------------------------------------------------|--------|----------------------------------|--------|-----------------------------------------------------|
| Delaware                                                                      |   | 001-07964                        |   | 73-0785597                                          |
| (State      or other jurisdiction of incorporation      or organization) |   | Commission File      Number |   | (I.R.S.      Employer Identification      No.) |
|                                                                          |   |                             |   |                                                |
| 100      Glenborough, Suite 100                                          |   |                             |   |                                                |
| Houston,      Texas                                                           |   |                             |   | 77067                                               |
| (Address      of principal executive offices)                                 |   |                             |   | (Zip      Code)                                     |

| o      |   | Written      communications pursuant to Rule 425 under the Securities Act (17 CFR      230.425)                  |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|
|   |   |
| o      |   | Soliciting      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR      240.14a-12)                 |
|   |   |
| o      |   | Pre-commencement      communications pursuant to Rule 14d-2(b) under the Exchange Act (17      CFR 240.14d-2(b)) |
|   |   |
| o      |   | Pre-commencement      communications pursuant to Rule 13e-4(c) under the Exchange Act (17      CFR 240.13e-4(c)) |

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|                          |   | Variable      to Fixed Price Swaps |   | Costless      Collars |   |
|-------------------------------|--------|------------------------------------|--------|-----------------------|--------|
|                          |   |                               |   |                  |   | Weighted |   |   |   |   |   | Weighted |   | Weighted |   |
| Production                    |   |                               |   | Bbls                  |   | Average |   |   |   | Bbls |   | Average |   | Average |   |
| Period                        |   | Index                              |   | Per      Day          |   | Fixed      Price |   | Index |   | Per      Day |   | Floor      Price |   | Ceiling      Price |   |
| 3rd      Qtr 2008             |   | NYMEX      WTI                     |   |                  | 16,500 |   |   | 38.11 |   | NYMEX      WTI |   |   | 3,100 |   |   | 60.00 |   |   | 72.40 |   |
| 4th      Qtr 2008             |   | NYMEX      WTI                     |   |                  | 16,500 |   |   | 37.92 |   | NYMEX      WTI |   |   | 3,100 |   |   | 60.00 |   |   | 72.40 |   |
| 3rd      Qtr 2008             |   | Dated      Brent                   |   |                  | 2,000  |   |   | 88.18 |   | Dated      Brent |   |   | 3,848 |   |   | 45.00 |   |   | 66.19 |   |
| 4th      Qtr 2008             |   | Dated      Brent                   |   |                  | 2,000  |   |   | 88.18 |   | Dated      Brent |   |   | 3,587 |   |   | 45.00 |   |   | 65.90 |   |
| 3rd-4th      Qtr 2008 Average |   |                               | 18,500 |                  |   | 43.43 |   |   |   |   | 6,817 |   |   | 51.82 |   |   | 68.94 |   |
|                          |   |                               |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2009                          |   | NYMEX      WTI                     |   |                  | 9,000  |   |   | 88.43 |   | NYMEX      WTI |   |   | 6,700 |   |   | 79.70 |   |   | 90.60 |   |
| 2009                          |   | Dated      Brent                   |   |                  | 2,000  |   |   | 87.98 |   | Dated      Brent |   |   | 5,074 |   |   | 70.62 |   |   | 87.93 |   |
| 2009      Average             |   |                               |   |                  | 11,000 |   |   | 88.35 |   |   |   |   | 11,774 |   |   | 75.79 |   |   | 89.45 |   |
|                          |   |                               |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2010      Average             |   |                               |   |                  | -      |   |   | - |   | NYMEX      WTI |   |   | 5,500 |   |   | 69.00 |   |   | 85.65 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | Variable      to Fixed Price Swaps (1) |    | Costless      Collars |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|---------|-----------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                   |    |                  |    | Weighted |   |   |   |   |   | Weighted |   | Weighted |   |
| Production                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                   |    | MMBtu                 |    | Average |   |   |   | MMBtu |   | Average |   | Average |   |
| Period                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Index                                  |    | Per      Day          |    | Fixed      Price |   | Index |   | Per      Day |   | Floor      Price |   | Ceiling      Price |   |
| 3rd      Qtr 2008                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | NYMEX      HH                          |    |                  | 170,000 |   |   | 5.33 |   |  IFERC      CIG |   |   | 14,000 |   |   | 6.75 |   |   | 8.70 |   |
| 4th      Qtr 2008                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | NYMEX      HH                          |    |                  | 170,000 |   |   | 5.63 |   |  IFERC      CIG |   |   | 14,000 |   |   | 6.75 |   |   | 8.70 |   |
| 3rd-4th      Qtr 2008 Average                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                   | 170,000 |                  |    | 5.48 |   |   |   |   | 14,000 |   |   | 6.75 |   |   | 8.70 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                   |    |                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                   |    |                  | -       |   |   | - |   | NYMEX      HH |   |   | 170,000 |   | $ | 9.15 |   | $ | 10.81 |   |
| 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                   |    |                  | -       |   |   | - |   |  IFERC      CIG |   |   | 15,000 |   | $ | 6.00 |   | $ | 9.90 |   |
| 2009      Average                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                   |    |                  | -       |   |   | - |   |   |   |   | 185,000 |   |   | 8.90 |   |   | 10.73 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                   |    |                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2010      Average                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                   |    |                  | -       |   |   | - |   |  IFERC      CIG |   |   | 15,000 |   | $ | 6.25 |   | $ | 8.10 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                   |    |                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  [1]      In addition to the NYMEX Hentry Hub variable to fixed price swaps shown      above for 2008, we have 100,000 MMBtu per day of IFERC CIG basis swaps      with an average differential to NYMEX HH of $(1.66), 40,000 MMBtu per day      of IFERC ANR-OK basis swaps with an average differential to NYMEX HH of      $(1.01), and 10,000 MMBtu per day of IFERC PEPL basis swaps with an      average differential to NYMEX HH of $(0.98). |   |

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|   | · | the      timing and extent of changes in commodity prices for crude oil, natural      gas and related products, foreign currency exchange rates, interest rates      and financial market conditions; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | · | the      extent and effect of any hedging activities engaged in by    us;                                                                                                                             |   |   |   |   |
|   | · | our      liquidity and ability to finance our acquisition, exploration and      development activities;                                                                                               |   |
|   | · | the      supply and demand for oil, natural gas and other products or      services;                                                                                                                  |   |   |
|   | · | the      presence or recoverability of estimated reserves;                                                                                                                                            |   |   |   |   |   |
|   | · | our      ability to replace reserves;                                                                                                                                                                 |   |   |   |   |   |   |   |   |
|   | · | drilling      and operating risks;                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |
|   | · | environmental      risks;                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |
|   | · | exploration      and development risks;                                                                                                                                                               |   |   |   |   |   |   |   |
|   | · | government      regulation or other action; and                                                                                                                                                       |   |   |   |   |   |   |
|   | · | the      ability of management to execute its plans to meet its    goals.                                                                                                                             |   |   |   |

|                           |                                |                                                         |   |   |
|--------------------------------|-------------------------------------|--------------------------------------------------------------|--------|--------|
|                           | NOBLE      ENERGY, INC.   |                                                         |
| Date:      July 15, 2008  | By:                       | /s/      Chris Tong                                     |   |
|                           |                                | Chris      Tong                                         |   |
|                           |                                | Senior      Vice President and Chief Financial Officer  |   |

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