Houston, TX-based EnerVest Ltd. and its institutional partnerships have agreed to acquire assets in the Eagle Ford shale.
Most recently, the company signed an agreement to acquire assets, 75% of which are operated, from BlackBrush Oil and Gas LP, a portfolio company of funds managed by Ares Management LP. The sellers will retain a minority ownership stake in the remaining assets of BlackBrush and the acquisition is expected to close in June, and is subject to customary closing conditions and purchase price adjustments. The 7,056 net acres acquired from BlackBrush produce 5,170 boe/d (85% liquids) with an estimated 341 drilling locations.
Second, EnerVest acquired assets from affiliates of GulfTex. The properties are 60% operated and the acquisition closed April 29. These assets are adjacent to the BlackBrush acquisition. The 4,198 net acres (75% held by production) produce 8,568 boe/d (85% liquids) with an estimated 256 drilling locations.
In late 2015, EnerVest acquired a non-operated position adjacent to the two new acquisitions in Karnes County. Since September 2015, EnerVest has acquired $1.3 billion of assets from three entities in a concentrated part of Karnes County. Combined, the acquired properties produce more than 17,000 barrels of oil equivalent per day.
“With approximately $1.7 billion remaining in our latest fund, we are focused on acquiring the highest margin, best quality assets during the depression of our industry,” said John B. Walker, EnerVest CEO.