Houston-based EV Energy Partners said Wednesday it’s buying into in South Texas’ Eagle Ford Shale by vacating some of its presence in North Texas’ Barnett Shale.
EV Energy Partners, a publicly traded affiliate of Houston’s EnerVest Ltd., said it’s paying $59 million for its Eagle Ford oil-and-gas buy in and receiving $52 million to sell some of its natural gas acreage in the Dallas-Fort Worth region.
EV Energy did not immediately name its buyers and sellers.
Most energy companies have vacated much of the Eagle Ford in favor of West Texas’ more abundant Permian Basin. The Eagle Ford helped lead the oil shale boom, but production outputs in the region have fallen in the years since. Still, some companies like EV Energy are moving in more now that others have left. EnerVest already was an investor in some of the properties.
In part, the deal gives EV Energy a 5.8 percent interest in 529 net acres in Karnes County.
The Barnett Shale sale represents a 16 percent reduction in EV Energy’s Barnett investments.
“We believe that this position in the Eagle Ford Shale affords many attractive, self-funding, near-term drilling opportunities and will increase our crude production by approximately 25 percent in 2017,” stated Michael Mercer, EV Energy president and CEO.