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EnerVest announces $950-million Permian basin sale

HOUSTON -- EnerVest and its affiliates have entered in to a binding agreement to sell assets in the Permian basin to QEP Energy Company, a wholly-owned subsidiary of QEP Resources, for $950 million. The divestiture is expected to close on or before Jan. 31, and is subject to customary closing conditions and purchase price adjustments.

The deal includes acreage and producing wells in Martin, Andrews and Crockett counties. EnerVest acquired the majority of the properties being sold in September 2012.

In addition to the Permian sale, EnerVest also has divested other properties throughout the country this year. The total for all property sales, once closed, is greater than $1.4 billion. In 2013, EnerVest also acquired $1.5 billion of oil and gas properties.

 

12/13/2013

 

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