EV Energy Partners LP (NASDAQ: EVEP) has closed four acquisitions purchased from certain institutional partnerships managed by EnerVest Ltd. The acquisitions represent combined estimated net proved reserves of 302 bcfe in the Appalachian Basin, San Juan Basin, Michigan, and Austin Chalk formations for a combined adjusted purchase price of $259.4 million. The acquisitions were funded primarily with borrowings under the Partnership's credit facility.
President and CEO Michael Mercer said, "Post-closing, EVEP has a strong balance sheet with over $300 million of available liquidity in borrowing base capacity and cash. In addition, these acquisitions will provide incremental capacity to our borrowing base when we finalize our semi-annual redetermination later this month."