May 17, 2016 - 7:02 AM EDT
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EnerVest Acquires $1.3 Billion in Eagle Ford Assets

HOUSTON, May 17, 2016 (GLOBE NEWSWIRE) -- EnerVest, Ltd., and its institutional partnerships today announced new acquisitions in the Eagle Ford Shale.  Since September 2015, EnerVest has acquired $1.3 billion of assets from three entities in a concentrated part of Karnes County, consistent with the company’s strategy of building core positions in key operating areas.  Combined, the acquired properties produce more than 17,000 barrels of oil equivalent per day.

Most recently, the company signed an agreement to acquire assets, 75% of which are operated, from BlackBrush Oil and Gas, L.P., a portfolio company of funds managed by Ares Management, L. P.  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.

Highlights include:

- 5,170 BOEPD (85 percent liquids)
- Active drilling program
- 7,056 net acres
- 341 drilling locations

Second, EnerVest acquired assets from affiliates of GulfTex. The properties are 60 percent operated and the acquisition closed April 29.  These assets are adjacent to the BlackBrush acquisition. 

Highlights include:

- 8,568 BOEPD (85 percent liquids)
- Active drilling program
- 4,198 net acres (75 percent HBP)
- 256 drilling locations

“This is a great time in the commodity price cycle to buy oil assets, especially in the core of one of the hottest plays in the U.S.,” said John B. Walker, EnerVest CEO.  “With stacked reservoirs of the Lower Eagle Ford, the Upper Eagle Ford and the Austin Chalk, we see plenty of development opportunities at today’s prices. 

“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.”

In addition, EnerVest announced in late 2015 the acquisition of a non-operated position adjacent to the two new acquisitions in Karnes County.

Highlights include:

- More than 2,200 BOEPD
- 7.8 mm BOE of reserves
- 1,760 net acres
- 278 drilling locations

Houston-based EnerVest, founded in 1992, acquires, develops and operates oil and gas fields in 15 states on behalf of its institutional investors.  More information about EnerVest is available at

Contact:  Ron Whitmire, 713-659-3500

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Source: GlobeNewswire (May 17, 2016 - 7:02 AM EDT)

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