EnerVest announces $1.4 billion in oil & gas acquisitions
HOUSTON -- EnerVest, Ltd., and its affiliates have announced that since August they have acquired or will acquire by year-end approximately $1.4 billion in producing properties from seven sellers in seven separate transactions.
The acquisitions provide EnerVest with additional long-life base production and development drilling opportunities in areas where the company has sizeable asset positions and substantial experience. In addition, they provide a significant opportunity for future production growth through development of the large acreage position. These acquisitions are subject to customary closing conditions.
This is the fourth consecutive year in which EnerVest has acquired in excess of $1 billion of assets in the United States.
"These deals are consistent with our stated strategy of establishing and building upon dominant positions in proven resource basins," said John B. Walker, President and CEO of EnerVest. "We also are pleased to add the Uinta Basin in Utah as a new operating region. We now serve as operator in 15 states and have an interest in properties in 17 states."
Houston-based EnerVest, founded in 1992, acquires, develops and operates oil and gas fields in 15 states on behalf of its institutional investors.