2014

EnerVest Announces $1.4 Billion in Oil & Gas Acquisitions

HOUSTON, Nov. 11, 2013 /PRNewswire/ -- EnerVest, Ltd., and its affiliates today announced since August they have acquired or will acquire by year-end approximately $1.4 billion in producing properties from seven sellers in seven separate transactions, as summarized below:

Seller

Area

Purchase Price, $MM

Net Rate, Mmcfepd

Net Acres

Proved

Reserves, Bcfe

Laredo

Mid-Continent

396

55

95,000

266

SM Energy

Mid-Continent

343

44

58,000

143

Bill Barrett

Uinta

325

67

35,570

368

Carrizo

Barnett

218

42

9,511

234

Noble Energy

San Juan

68

11

20,936

72

Undisclosed

Barnett

22

6

27,770

17

Undisclosed

San Juan

7

3

2,819

9


Totals:

1,379

228

249,606

1,109

The acquisitions provide EnerVest with additional long-life base production and development drilling opportunities in areas where the company has sizeable asset positions and substantial experience. In addition, they provide a significant opportunity for future production growth through development of the large acreage position. These acquisitions are subject to customary closing conditions.

This is the fourth consecutive year in which EnerVest has acquired in excess of $1 billion of assets in the United States.

"These deals are consistent with our stated strategy of establishing and building upon dominant positions in proven resource basins," said John B. Walker, President and CEO of EnerVest. "We also are pleased to add the Uinta Basin in Utah as a new operating region. We now serve as operator in 15 states and have an interest in properties in 17 states."

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.

EnerVest, Ltd.,
Ron Whitmire
713-659-3500

(Logo: http://photos.prnewswire.com/prnh/20131104/DA10384LOGO)

SOURCE EnerVest, Ltd.



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