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  • EV Energy Partners, L.P. (EVEP) Purchases Producing Oil and Gas Properties 0 comments
    Aug 12, 2010 5:37 PM | about stocks: EVEP

    EV Energy Partners, L.P. reported that the company has signed a deal to purchase producing oil and gas properties in the midcontinent area of the United States.

    EV Energy Partners, L.P. paid $123 million to Petrohawk Energy (NYSE:HK) for properties in East Texas, and the Anadarko and Arkoma basins. The company said that the properties are producing oil and gas from several different formations.

    EV Energy Partners, L.P. said that the properties had current production net to the company of 15.5 million cubic feet equivalent per day. The estimated proved reserves totaled 74.5 billion cubic feet equivalent as of 7/1/2010. The reserve study was conducted by an independent petroleum engineering firm and used the current strip price for oil and gas in making its estimate.

    EV Energy Partners, L.P. reported that 69% of the proved reserves are proved developed producing and 86% were natural gas, with the balance oil. The reserves to production ratio is 13.2 years.

    EV Energy Partners, L.P. said the acquired properties had 1,200 producing wells, and a minimum of 70 drilling locations that can be developed.

    For more information on the company, go to evenergypartners.com

    Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net

    Disclosure: no positions

    Stocks: EVEP
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