EnerVest platform buys $202m in US oil and gas properties

EV Energy Partners, formed by Enervest in 2006, will acquire 440 producing wells as well as oil and gas reserves.

EnerVest-backed platform company EV Energy Partners has paid $202 million (€136 million) for natural gas and oil properties throughout the US.

Publicly-listed EV Energy Partners was formed by the Texas-based private equity firm in 2006.

The deal, which includes more than 440 producing wells as well as oil and gas reserves, comprised four agreements for properties in the US spanning Oklahoma, the Texas Panhandle, Kansas, West Virginia and the Southwestern US.

The San Juan Basin properties in the Southwest were acquired from institutional partnerships managed by EnerVest, with the West Virginia assets acquired from EnerVest, and the remaining Oklahoma, Texas and Kansas properties acquired from an unnamed company sponsored by private equity firm EnCap Investments. Texas-based EnCap closed its $2.5 billion energy fund in December 2007.

The acquisitions are expected to close between the end of August and mid-September, according to a statement by EV Energy.

EnerVest closed its eleventh private equity fund on more than $1 billion last year, twice the size of its previous fund which closed in 2005 on $550 million. The vehicle – which had 75 limited partners, including endowments, foundations, pension funds, fund of funds and insurance companies – acquires upstream oil and gas properties and companies in North America.