Houston-based EV Energy Partners and its affiliate EnerVest Ltd. are adding to their Barnett Shale holdings with the purchase of an 81 percent interest in properties being sold by Carrizo Oil & Gas. Carrizo last week announced the sale of all its remaining Barnett holdings for $268 million to unnamed buyers. EV Energy and EnerVest together bought $218 million worth of those properties, they said in a news release. EV Energy Partners is a publicly traded company whose affiliate, EnerVest, manages institutional partnerships.
It's EV Energy/EnerVest's third big acquisition of Barnett assets. It previously spent more than $2 billion to buy properties from Encana Oil & Gas, an early Barnett player, and from Talon Oil & Gas. EV Energy Partners said its share of the Carrizo properties includes 82 producing wells on 9,500 net acres, all held by production. Estimated proved reserves were 62.3 billion cubic feet of natural gas as of July 1. The deal is expected to close by Oct. 31. EV Energy said it was financing the transaction with borrowings and proceeds from the sale of Utica Shale holdings owned by it and EnerVest partnerships for $284 million. That transaction, announced in August, involves 22,535 acres.
-- Jim Fuquay