Newsroom

HOUSTON, TX--(Marketwire) -  EnerVest, Ltd. and affiliated partnerships including EV Energy Partners, L.P. have signed an agreement to purchase oil and natural gas properties in the Barnett Shale from Talon Oil & Gas LLC for $967 million, subject to customary closing conditions and purchase price adjustments. The purchase price includes 3-D seismic across all of the acreage and hedges from the seller.

The majority of the 20,207 gross acres are in the core of the Barnett Shale in north Texas, and the properties produce 87 MMCFE/D from 212 active wells, with 1.1 TCFE in reserves.

"We are excited to add the Barnett Shale as our fourth core operating area, joining the Austin Chalk, the San Juan Basin and Ohio," said John B. Walker, EnerVest president and CEO. "The production from these wells is 29 percent natural gas liquids/71 percent natural gas, and we plan to maintain an active drilling program."

EnerVest will produce 384 MMCFE/D from 18,530 wells with 2.7 TCFE of reserves upon closing of this acquisition, which is scheduled on or before Dec. 30, 2010.

EnerVest was advised by Griffis & Small, LLC, on this transaction.

Houston-based EnerVest, founded in 1992, acquires, develops and operates oil and gas fields in 12 states on behalf of its institutional investors. EnerVest also owns the general partner of EV Energy Partners, L.P., which is a Houston-based publicly traded master limited partnership engaged in acquiring, producing and developing oil and gas properties.