EnerVest buys $1 billion of oil and gas assets in Eagle Ford, Virginia

Acquisition adds to EnerVest’s position in Appalachia, includes additional drilling opportunities at today’s commodity prices

EnerVest

HOUSTON – EnerVest, Ltd., and its institutional partnerships today announced two oil and gas acquisitions – Nora Field in Virginia, Eagle Ford Shale in south Texas – for approximately $1 billion.

The company signed an agreement to acquire the Nora Field in Virginia from subsidiaries of Range Resources Corporation for $876 million. The acquisition is expected to close on or before Dec. 30 and is subject to customary closing conditions and purchase price adjustments.

In addition, the company purchased a non-operated interest in the core of the Eagle Ford Shale in Karnes County, Texas, from an undisclosed seller for $118 million in Oct.

The Virginia deal includes acreage and operated CBM, tight gas, Berea, Big Lime and Huron Shale producing wells in Dickenson,Buchanan, Wise and Russell counties in Virginia and Nicholas and Clay counties in West Virginia.

The Virginia properties and production include:

Current 105 MMCFEPD net production expected for November (100 percent gas) from the 3908 operated and non-operated wells
A large acreage position of 365,000 net acres, of which 220,000 includes all mineral rights in Virginia with an additional approximately 100,000 acres in West Virginia, most of which includes all mineral rights
An inventory of about 9,000 undrilled locations
Solid PDP base which makes up 37% of proved reserves and 73% of proved value
A 1,500-mile gathering system

“This acquisition adds to EnerVest’s significant position in Appalachia, and includes additional drilling opportunities at today’s commodity prices,” said John B. Walker, CEO. “In addition, there are potential future exploration opportunities below the existing producing zones.”

In the Eagle Ford Shale, the properties include: