EnerVest Shifts from Barnett to Eagle Ford

  Enervest Buys Eagle Ford Assets

Enervest Buys Eagle Ford Assets

EnerVest Energy Partners announced today that it is expanding its Eagle Ford Shale holdings and pulling back from the Barnett Shale.

Related: EnerVest Grabs Eagle Ford Assets for $1.3 Billion

Houston-based EnerVest Energy Partners have closed on an acquisition of Eagle Ford oil and natural gas properties in Karnes County. The $58.7 million includes 5.8 percent working interest in 9,151 gross acre.

Highlights include:

  • Eagle Ford and Austin Chalk reserves and drilling opportunities
  • Estimated proved reserves of approximately 6.4 Mmboe and probable reserves of 1.3 Mmboe, net to EVEP (based on recent strip prices)
  • 22 percent proved developed and 61 percent crude
  • Current net daily production of approximately 1.0 Mboepd (73 percent crude)
  • Over 200 economic, scalable and repeatable proved and probable horizontal drilling opportunities
  • Additional possible drilling locations
  • Attractive drilling economics at current strip prices
  • Significantly higher margins and higher cash flow from acquired Eagle Ford Shale properties as compared to the divested Barnett Shale properties (based on recent strip prices)
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.
— Michael Mercer, EV Energy president and CEO.

EV Energy Partners is a a publicly traded affiliate of Houston’s EnerVest Ltd. Since 2015, EnerVest has been gobbling up acres and assets in the Eagle Ford including:

  • May 2016
    • Purchased 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
  • 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

Learn more at evenergypartners.com