EnerVest Ltd. increases their Eagle Ford Shale assets in new deals worth $1.3 billion.
Related: Producers Defend Fracking Practices
In a recent press release, Houston-based EnerVest Ltd, announced they had completed the last in a three-part purchase on Eagle Ford assets in a concentrated part of Karnes County.
In the latest deal, expected to close in June, EnerVest will acquire 7,056 net acres from BlackBrush Oil and Gas LP. The assets include 341 drilling locations and produce 5,170 barrels of oil equivalent per day.
Since 2015, EnerVest has been gobbling up acres and assets in the Eagle Ford including:
- April 29, 2016
- 4,198 net acres from affiliates of San Antonio-based GulfTex
- 256 drilling locations
- Produce 8,568 barrels of oil equivalent per day
- Fall 2015
- $125 million purchase of Houston-based Alta Mesa Holdings LP’s
- 1,760 net acres with 278 drilling locations and 7.8 million barrels of oil equivalent of reserves
- Producing 2,200 barrels of oil equivalent per day
“This is a great time in the commodity price cycle to buy oil assets, especially in the core of one of the hottest plays in the U.S.,” John Walker, EnerVest CEO, said in a statement. “With stacked reservoirs of the Lower Eagle Ford, the Upper Eagle Ford and the Austin Chalk, we see plenty of development opportunities at today’s prices.
In June, Enervest executives were summoned to Austin to try and persuade the Texas Railroad Commission that their operations are not to blame for recent earthquakes in North Dallas. The company was eventually cleared of any wrong doing in relation to a link between fracking and the Dallas quakes.