Noble Energy is selling its upstream assets in West Virginia and Pennsylvania to an undisclosed buyer for US$1.225 billion. This includes US$100 million contingent upon annual Dominion South prices averaging above US$3.30 per million BTU from 2018 through 2020. The assets currently target the Marcellus Shale. Noble's acreage lies primarily in the Rich Gas Core and West Virginia Wet and Dry sub plays in southwestern Pennsylvania and northern West Virginia. In October 2016 Noble dissolved its 50 50 Marcellus joint venture with CONSOL and we suggested at the time that Noble may sell down or sell out. Our valuation assumes 120 acre spacing in the Rich Gas Core and West Virginia Dry sub plays and 140 acre spacing in West Virginia Rich. In total we model roughly 1 000 remaining net locations. We see this deal at positive for both Noble and the undisclosed buyer.