EnerVest Ltd. disclosed acquisitions totaling $1.3 billion in Texas’ Eagle Ford Shale. Assets, located in Karnes County, were obtained through multiple purchases.
Another deal is expected to close next month, acquiring 7,056 net acres. BlackBrush will maintain minority ownership of assets left, which include drilling locations as well as oil production operations. In addition, they acquired 4,198 net acres from affiliates GulfTex, contiguous to the BlackBrush acquisition. The smallest of these purchases was the $125 million purchase of Alta Mesa Holdings LP’s last fall, with assets similar to the previous two purchases.
EnerVest CEO John Walker said, “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. 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. With approximately $1.7 billion remaining in our latest fund, we are focused on acquiring the highest-margin, best-quality assets during the depression of our industry.”
Article written by HEI contributor Marcela Abarca.