EnerVest Announces $950 Million Permian Basin Sale
2013 Divestitures Total $1.4 Billion
HOUSTON, Dec. 9, 2013
HOUSTON, Dec. 9, 2013 /PRNewswire/ --EnerVest, Ltd., and its affiliates today
announced they have entered in to a binding agreement to sell assets in the
Permian Basin to QEP Energy Company, a wholly owned subsidiary of QEP
Resources, Inc., for $950 million. The divestiture is expected to close on or
before Jan. 31, 2014, and is subject to customary closing conditions and
purchase price adjustments.
The deal includes acreage and producing wells in Martin, Andrews and Crockett
counties. EnerVest acquired the majority of the properties being sold in
"Our asset team in Houston and our team in the field in Midland have done an
exceptional job to increase the value of these properties," said John B.
Walker, EnerVest president and CEO. "This divestiture illustrates our core
strategy of creating value for our institutional investors by acquiring
attractive assets, increasing their value through drilling and development and
then selling them to leading upstream firms like QEP."
In addition to the Permian sale, EnerVest also has divested other properties
throughout the country this year. The total for all property sales, once
closed, is greater than $1.4 billion. In 2013, EnerVest also acquired $1.5
billion of oil and gas properties.
Wells Fargo Securities, LLC served as financial advisor to EnerVest, Ltd., on
the sale of the Permian Basin assets, and Vinson & Elkins provided legal
Houston-based EnerVest, founded in 1992, operates more than 23,000 wells in 15
states on behalf of its institutional investors. More information about
EnerVest is available at www.enervest.net.
SOURCE EnerVest, Ltd.
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