EnerVest, a Houston-based developer and operator of oil and gas fields, and affiliated partnerships including EV Energy have signed an agreement to purchase oil and natural gas properties in the Barnett Shale in Texas from Talon Oil & Gas for $967m.

The purchase price includes 3-D seismic across all of the acreage and hedges from the seller.

The majority of the 20,207 gross acres are in the core of the Barnett Shale in north Texas, and the properties produce 87mmcfe/d from 212 active wells, with 1.1tcfe in reserves.

EnerVest president and CEO John Walker said that the company adds the Barnett Shale as its fourth core operating area, joining the Austin Chalk, the San Juan Basin and Ohio.

"The production from these wells is 29% natural gas liquids/71% natural gas, and we plan to maintain an active drilling program," John said.

Upon closing of the acquisition, which is expected before 30 December 2010, the company will produce 384mmcfe/d from 18,530 wells with 2.7tcfe of reserves.