EnerVest and FourPoint Energy Announce $1.95 Billion Joint Venture Oil & Gas Acquisition

HOUSTON, Oct. 3, 2014 /PRNewswire/ -- EnerVest, Ltd., and its privately held institutional partnerships, along with its joint venture partner FourPoint Energy, LLC, today announced the acquisition of $1.95 billion ($975 million net to EnerVest) in producing properties in the Western Anadarko Basin from Linn Energy. The acquisition is expected to close on or before Dec. 15, 2014, and is subject to customary closing conditions and purchase price adjustments.

The acquisition includes:

-  195 MMCFED from 1,358 wells

-   145,000 net acres adjacent to current EnerVest/FourPoint production in Beckham, Ellis and Roger Mills counties, Oklahoma, and Hansford, Lipscomb, Ochiltree, Roberts and Wheeler counties, Texas

-  Solid PDP base which makes up 50 percent of proved reserves and 69 percent of proved value

-  170 mile gas gathering system, associated infrastructure and an oil terminal facility,

Pro forma for the acquisition and prior to customary post-closing adjustments, the Joint Venture will have an acreage position of more than 325,000 net acres in the established AMI with net production estimated to exceed 315 Mmcfe/d.  EnerVest and FourPoint expect strong growth while spending within free cash flow and continuing to exploit the multi-year drilling inventory associated with the combined asset base. 

"With this acquisition we are almost tripling our position in the Anadarko Basin," said John B. Walker, CEO of EnerVest. "Once we have closed this acquisition we will have spent more than $3 billion acquiring properties in the mid-continent region together with FourPoint within the last year. We look forward to continued growth in the area."

EnerVest also announced the closing of its acquisition of HighMount Exploration and Production for $805 million, which adds to the company's Permian position.  The HighMount deal also has operations in Oklahoma.

In addition, EnerVest announced the sale of its Bakken position for $205 million.  BMO advised EnerVest on this divestiture.

Houston-based EnerVest, founded in 1992, acquires, develops and operates 28,000 oil and gas wells in 15 states on behalf of its institutional investors.  More information about EnerVest is available at www.enervest.net.

EnerVest, Ltd.,
Ron Whitmire
713-659-3500

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SOURCE EnerVest, Ltd.

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