EV Energy Partners announces closing of Appalachian Basin

EV Energy Partners LP has announced it has closed four previously announced acquisitions purchased from certain institutional partnerships managed by EnerVest Ltd. The acquisitions represent combined estimated net proved reserves of 302 billion ft3 in the Appalachian Basin, San Juan Basin, Michigan and Austin Chalk for a combined adjusted purchase price of US$259.4 million, subject to customary post-closing adjustments. The acquisitions were funded primarily with borrowings under the Partnership's credit facility.

"We are pleased to close on these acquisitions and expand our footprint in areas where we have existing operations. Post-closing, EVEP has a strong balance sheet with over US$300 million of available liquidity in borrowing base capacity and cash. In addition, these acquisitions will provide incremental capacity to our borrowing base when we finalize our semi-annual redetermination later this month," stated Michael Mercer, President and CEO.

Edited from press release by

Published on 02/10/2015

Get your FREE Oilfield Technology magazine »

Get your FREE trial of Hydrocarbon Engineering magazine »

Get your FREE trial of World Pipelines magazine »


Related articles

EV launches new video technology

The company has launched its Integrated Video Caliper (IVC) product to the well intervention market, which provides real time answers to well integrity issues.

EV secures £69 million investment to drive international growth

The company has experienced significant global growth and expansion since it was established in 2000.

Recommend magazines

  Oilfield Technology