The common units are being issued to EnerVest as part of the consideration for its share of the net proceeds from the sale of the San Juan Basin and West Virginia assets to EV Energy Partners (EVEP).
EVEP has also announced that it has amended and restated its credit facility to reflect a maximum borrowing availability of $700 million, subject to a borrowing base that was increased to $525 million. The cash portion of the four acquisitions was funded through borrowings under the credit facility.
