EnerVest acquires $1B in oil and gas assets

EnerVest Ltd. is acquiring two oil and gas acquisitions for approximately $1 billion. The company signed an agreement to acquire the Nora Field in Virginia from subsidiaries of Range Resources Corp. for $876 million. The acquisition is expected to close on or before Dec. 30. In addition, the company purchased a non-operated interest in the core of the Eagle Ford shale play in Karnes County, Texas, from an undisclosed seller for $118 million in October.

The Virginia deal includes acreage and operated coalbed methane (CBM); tight gas; and Berea, Big Lime, and Huron shale producing wells in Dickenson, Buchanan, Wise and Russell counties in Virginia and in Nicholas and Clay counties in West Virginia.

The Virginia properties and production include:

  • Current 105 MMCFEPD net production expected for November (100% gas) from 3,908 operated and non-operated wells
  • A large acreage position of 365,000 net acres, of which 220,000 includes all mineral rights in Virginia with an additional 100,000 acres in West Virginia, most of which includes all mineral rights
  • An inventory of about 9,000 undrilled locations
  • Solid PDP base which makes up 37% of proved reserves and 73% of proved value
  • A 1,500-mile gathering system

The acquired Eagle Ford properties include more than 2,200 boe/d, an active drilling program on an ongoing basis, 7.8 MMboe of reserves, and 1,760 net acres.

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