EnerVest to buy Talon's Barnett shale assets

By OGJ editors
HOUSTON, Oct. 27
-- EnerVest Ltd., Houston, and affiliated partnerships including EV Energy Partners LP have signed an agreement to buy oil and natural gas properties in the Barnett shale from Talon Oil & Gas LLC for $967 million.

The purchase price includes 3D seismic across all of the acreage and hedges from the seller.

The majority of the 20,207 gross acres are in the core of the Barnett shale in North Texas, and the properties produce 87 MMcfd of gas equivalent from 212 active wells from 1.1 tcfe in reserves.

John B. Walker, EnerVest president and chief executive officer, said, “We are excited to add the Barnett shale as our fourth core operating area, joining the Austin chalk, the San Juan basin, and Ohio. The production from these wells is 29% natural gas liquids and 71% natural gas, and we plan to maintain an active drilling program.”

EnerVest will produce 384 MMcfe/d from 18,530 wells with 2.7 tcfe of reserves upon closing of this acquisition, which is scheduled on or before Dec. 30, 2010.

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