EnerVest and FourPoint Energy Announce $275 Million in Joint Venture Oil & Gas Acquisition
HOUSTON, May 6, 2014 /PRNewswire/ -- EnerVest, Ltd., and its institutional partnerships along with its joint venture partner, FourPoint Energy, LLC, today announced the acquisition of $275 million in producing properties in the Western Anadarko Basin from an undisclosed seller. The acquisition is expected to close on or before June 30, 2014, and is subject to customary closing conditions and purchase price adjustments.
The deal includes acreage and producing wells in the Granite Wash formation in Hansford, Hemphill, Ochiltree, Roberts and Wheeler counties in Texas and Beckham, Custer, Dewey, Ellis, Roger Mills and Washita counties in Oklahoma.
The properties and production include:
- 31,880 MCFEPD net production (43 percent liquids) from 642 wells
- a large acreage position of 47,000 net acres adjacent to current EnerVest/FourPoint production
- Solid PDP base which makes up 52% of proved reserves and 75% of proved value.
- an operated SWD system (100% WI)
The joint venture acquisition provides EnerVest and FourPoint Energy with additional long-life base production and development drilling opportunities in an area where the Companies have sizeable asset positions and substantial experience. In addition, it provides a significant opportunity for future production growth through development of the growing acreage position.
"This is another one of hopefully many acquisitions with our JV partner, FourPoint," said John B. Walker, CEO of EnerVest. "Once we have closed this acquisition we will have spent more than $1 billion acquiring properties in the mid-continent region within the last year. We look forward to continued growth in the area."
Houston-based EnerVest, founded in 1992, acquires, develops and operates oil and gas fields in 15 states on behalf of its institutional investors. More information about EnerVest is available at www.enervest.net.
SOURCE EnerVest, Ltd.