EV Energy Partners LP, along with certain institutional partnerships managed by EnerVest Ltd., agreed to divest acreage in the Utica shale in Ohio for $284 million to an undisclosed buyer.
The sale includes 22,535 acres in Guernsey, Harrison, and Noble counties, said Houston-based EVEP. A map showing the acreage is available on EVEP’s web site.
Of the total acreage, EVEP is selling 4,345 acres for $56 million, net to its ownership interest. EVEP will retain royalty interests in these acres. The transaction is expected to close by the end of the third quarter.
“This is a good first step in our revised Utica acreage sale process,” said John B. Walker, EVEP chairman. “The value of this sale averages $12,900/acre. We look forward to announcing additional deals” as EVEP continues to market its Utica acreage.
In addition to the acreage sale, EVEP announced the Utica East Ohio midstream facilities had started processing gas in July. The plant processes more than 85 MMcfd of wet gas, has a capacity of 200 MMcfd, and throughput is expected to increase steadily over the next few weeks.