EV Energy Partners announced that it has completed the acquisition of Eagle Ford oil and natural gas properties in Karnes County, Texas for $58.7m.
The acquisition includes Eagle Ford and Austin Chalk reserves and drilling opportunities, with an estimated proved reserves of approximately 6.4 million barrels of oil equivalent (Mmboe) and probable reserves of 1.3 Mmboe.
As part of the acquisition, EV Energy acquired a 5.8% working interest in 9,151 gross acres (529 net acres) in Karnes County from a third party.
Besides, the partnership announced the divestiture of a portion of its Barnett Shale natural gas properties for $52.1m.
The divesture represented estimated proved reserves of 94.6 billion cubic feet (Bcf) of dry gas (based on recent strip prices) and approximately 13.0 million cubic feet per day (Mmcfpd) of natural gas production.
EV Energy president and chief executive officer Michael Mercer said: “We believe that this position in the Eagle Ford Shale affords many attractive, self-funding, near term drilling opportunities and will increase our crude production by approximately 25 percent in 2017.”
In October last year, EV Energy closed four previously announced acquisitions purchased from certain institutional partnerships managed by EnerVest.
The acquisitions represented combined estimated net proved reserves of 302 billions of cubic feet equivalent (Bcfe) in the Appalachian Basin, San Juan Basin, Michigan and Austin Chalk for a combined adjusted purchase price of $259.4m, subject to customary post-closing adjustments.