EnerVest affiliates to snap up Barnett Shale assets

EV Energy Partners said Friday that it has entered a deal to buy a portion of Carrizo Oil & Gas assets in the Barnett Shale for $67.6 million, part of the $268 million sell off that Carrizo announced earlier this week.

EV Energy Partners, the publicly traded master limited partnership of Houston-based oil and natural gas producer EnerVest Ltd., will take a 31 percent stake in the North Texas assets. In total, affiliates of EnerVest agreed to buy $218 million worth of Carrizo’s Barnett Shale natural gas assets.

EV Energy Partners’ purchase, which is expected to close in late October, covers 9,500 net acres and 82 wells that had proved reserves of 62.3 billion cubic feet of natural gas in July.

“These ‘bolt-on’ assets are very complementary to our strong operating position within the Barnett Shale,” said Mark Houser, president and CEO of EV Energy, in a written statement.”

In total, Houston-based Carrizo said this week it agreed to sell off nearly all of its remaining assets in the Barnett Shale, as well as assets in East Texas and the Marcellus Shale, for $250 million in cash, in a move to get out of the dry gas business and focus on oily assets in the Eagle Ford Shale. Including buyers’ assumption of debt and contractual obligations, the total value of the deal is $268 million.