EnerVest acquires Eagle Ford shale assets
EnerVest Ltd. said it and its institutional partners have closed or entered agreements to acquire Eagle Ford shale assets totaling $1.3 billion in three deals since last September.
The properties, in Karnes County, Tex., produce more than 17,000 boe/d.
Most recently, EnerVest agreed to acquire 7,056 net acres with 5,170 boe/d of production, 85% liquids, from BlackBrush Oil & Gas LP, San Antonio.
The seller is a portfolio company of funds managed by Ares Management LP.
The acquired properties, 75% operated, include 341 drilling locations. BlackBrush retains a minority stake.
On Apr. 29, EnerVest closed the acquisition of 4,198 net acres adjacent to the BlackBrush properties from affiliates of GulfTex Energy, San Antonio.
The acquired properties produce 8,568 boe/d, 85% liquids and include 256 drilling locations. They are 60% operated.
Late last year EnerVest acquired a nonoperated position adjacent to the two new acquisitions from an undisclosed seller (OGJ Online, Nov. 5, 2015). That acquisition involved 2,200 boe/d of production, 7.8 million boe of reserves, and 1,760 net acres with 278 drilling locations.
EnerVest Chief Executive Officer John B. Walker said about $1.7 billion remains in its latest fund for acquisitions.