KKR - Hilcorp Energy reach an agreement where the two companies will jointly pursue leasing and development of Eagle Ford Shale assets in Atascosa, Bee, DeWitt, Karnes, and Lavaca counties.
"The Company will develop certain acreage within the Eagle Ford, located in an approximately two hundred mile long area in South Central Texas, southeast of San Antonio. The partnership combines a capital commitment from both parties as well as the contribution of a 100,000 net acre Eagle Ford position from Hilcorp. Upon close, Hilcorp will hold 60% and KKR will hold 40% of the Company, with Hilcorp's management and employees running the day-to-day operations. "With more than two decades of history, Hilcorp is a known leader when it comes to exploring for, developing and producing oil and gas, and Hilcorp's management is unparalleled in terms of its experience in the South Texas region. This partnership is an endorsement of the founding vision of Hilcorp Energy and the strength and experience of its management team," John Bookout, Managing Director of KKR, said."
Read the full press release at KKR.com