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EV Energy acquires $202m US oil and gas properties

The oil and gas acquisition and operating company formed by Texas-based private equity firm, EnerVest, has inked four deals to purchase oil and gas properties across the US.

EV Energy Partners is paying $202.7 million (€136 million) for natural gas and oil properties located in the US. EV Energy was established by Houston, Texas-based private equity firm EnerVest, which closed its latest energy fund, EnerVest Energy Institutional Fund XI, last year on more than $1 billion.

The deal, which included more than 440 producing wells as well as oil and gas reserves, comprised four agreements for properties in the US including the San Juan Basin in the Southwestern US; Oklahoma; the Texas Panhandle and Eastland County, Texas; Kansas; and West Virginia.

The San Juan Basin properties were acquired from institutional partnerships managed by EnerVest, with the West Virginia assets acquired from EnerVest, and the remaining Oklahoma, Texas and Kansas properties acquired from an unnamed company sponsored by private equity firm EnCap Investments. Texas-based EnCap closed its $2.5 billion energy fund in December 2007.

The acquisitions are expected to close between the end of August and mid-September, according to a statement by EV Energy.

EV Energy Partners was formed by EnerVest to target oil and gas properties in the US. EnerVest closed its eleventh private equity fund on more than $1 billion last year, twice the size of its previous fund which closed in 2005 on $550 million. The vehicle – which had 75 limited partners, including endowments, foundations, pension funds, fund of funds and insurance companies – acquires upstream oil and gas properties and companies in North America.