HOUSTON, Sept. 6, 2013 /PRNewswire/ -- EV Energy Partners, L.P. (EVEP) announced that it, along with certain institutional partnerships managed by EnerVest, Ltd., has signed an agreement to acquire natural gas properties in the Barnett Shale from Carrizo Oil and Gas, Inc. EVEP has agreed to acquire a 31 percent interest in these assets for $67.6 million ($218 million for all EnerVest-affiliated entities combined).
The acquisition, which has been approved by the Board of Directors, is expected to close by October 31, 2013, and is subject to customary closing conditions and purchase price adjustments. EVEP plans to finance the acquisition with proceeds from its previously-announced Utica Shale acreage sale and borrowings under its existing credit facility.
The acquisition is comprised of 82 wells producing primarily from the Barnett Shale formation in Tarrant County, Texas. The assets include over 17,000 gross acres (9,500 net acres) which are 100 percent held by production.