EnerVest acquires $1.3 billion in Eagle Ford assets

HOUSTON -- EnerVest has announced new acquisitions in the Eagle Ford shale. Since September 2015, the company has acquired $1.3 billion of assets from three entities in a concentrated part of Karnes County, Texas. Combined, the acquired properties produce more than 17,000 boed.

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.

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

“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.” 

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