EnerVest-FourPoint JV In $275 Million Anadarko Basin Buy

A JV between EnerVest and FourPoint Energy has entered into an agreement with QEP Resources to acquire producing properties in the western Anadarko Basin for $275 million. The deal includes acreage and producing wells in the Granite Wash Formation located in the Texas and Oklahoma counties.

Assets overview

· Net production of 31.9 MMcfe/d (43% liquids) from 642 wells

· 47,000 net acres adjacent to current EnerVest/FourPoint production

· PDP reserves comprising 52% of proved reserves and 75% of proved value

· 100% WI Salt Water Disposal system

EnerVest CEO John B. Walker commented: "Once we have closed this acquisition we will have spent more than $1 billion acquiring properties in the mid-continent region within the last year."

In Jan-2014, FourPoint Energy acquired producing and undeveloped properties and related midstream assets in the Western Anadarko Basin from EverVest for $268 million.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.