Jones Energy Inc. (NYSE: JONE) has entered into a definitive agreement with a privately held company to acquire producing and undeveloped oil and gas assets in the Anadarko Basin for $195 million. The assets acquired include approximately 26,000 net acres in the Cleveland, Tonkawa, and Marmaton plays in the Texas Panhandle and in western Oklahoma.
The acquisition adds proved reserves of 14.3 MMBoe and current net production of 3,400 Boe/d, of which 54% is liquids. These assets will bring Jones Energy’s total number of identified Cleveland drilling locations to over 680.
In addition to increasing the company’s Cleveland inventory, the acquired properties add significant drilling locations in the Tonkawa and Marmaton plays. Jones Energy will test in the Tonkawa play in the first half of 2014. As a result of this acquisition, the company plans to add two rigs to accelerate its overall development program, bringing its total rig count from 10 to 12 rigs in 2014.