EV Energy Partners Acquires Oil and Gas Properties for $173.5 Million
Posted on: Wednesday, 10 September 2008, 12:00 CDT
EV Energy Partners has acquired natural gas and oil properties in the San Juan Basin, Mid-Continent, Eastland County, Texas and West Virginia for $173.5 million in cash and 1.14 million EV Energy Partners's common units.
The common units are being issued to EnerVest as part of the consideration for its share of the net proceeds from the sale of the San Juan Basin and West Virginia assets to EV Energy Partners (EVEP).
EVEP has also announced that it has amended and restated its credit facility to reflect a maximum borrowing availability of $700 million, subject to a borrowing base that was increased to $525 million. The cash portion of the four acquisitions was funded through borrowings under the credit facility.
Source: Datamonitor
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