Apache Corp enters the US shale gas fold by reaching an agreement with Enervest to explore deep rights on 400,000 acres in Texas. Apache plans to taget the Eagle Ford Shale across much of the area where Enervest produces from the Austin Chalk. Financial consideration was not disclosed.
"Apache Corporation (NYSE, Nasdaq: APA) announced today that it has signed a multi-year agreement with EV Energy Partners, L.P. (Nasdaq: EVEP) and institutional partnerships managed by EnerVest, Ltd., to explore for oil and gas in deeper formations across 400,000 acres in Central and East Texas."
"Apache agreed to explore for new reserves below the base of the Austin Chalk formation and will be operator. EVEP and EnerVest will contribute the acreage."
" 'This is an excellent opportunity for Apache to explore substantial onshore U.S. acreage,' said G. Steven Farris, Apache's president and chief executive officer. 'We have demonstrated that access to acreage can become opportunities to increase production and reserves.' "
Read the full news release at apachecorp.com