EV Energy Partners announces closing of Appalachian Basin

EV Energy Partners LP has announced it has closed four previously announced acquisitions purchased from certain institutional partnerships managed by EnerVest Ltd. The acquisitions represent combined estimated net proved reserves of 302 billion ft3 in the Appalachian Basin, San Juan Basin, Michigan and Austin Chalk for a combined adjusted purchase price of US$259.4 million, subject to customary post-closing adjustments. The acquisitions were funded primarily with borrowings under the Partnership's credit facility.

"We are pleased to close on these acquisitions and expand our footprint in areas where we have existing operations. Post-closing, EVEP has a strong balance sheet with over US$300 million of available liquidity in borrowing base capacity and cash. In addition, these acquisitions will provide incremental capacity to our borrowing base when we finalize our semi-annual redetermination later this month," stated Michael Mercer, President and CEO.

Edited from press release by Angharad Lock

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