Kalnin Ventures expands presence in Barnett Shale
Published by Nicholas Woodroof,
Editor
Oilfield Technology,
The expected closing date is in 2020, subject to customary closing conditions, and the overall transaction is worth US$770 million.
BKV is financially backed by its sole investor, Banpu Pcl, a Thailand-based coal mining and power-generation company with total assets of approximately US$8 billion.
The transaction with Devon includes over 320 000 gross acres and 4200 producing wells, making BKV the largest natural gas producer in the Barnett Shale. This acquisition marks the BKV’s seventh major transaction and first position in the Barnett Shale play. BKV has invested or committed over US$1.3 billion since its formation 2015.
Net production from the Barnett Shale properties averaged 597 million cubic feet equivalent per day in 3Q19. At year-end 2018, proved reserves associated with these properties amounted to approximately 4 trillion ft3 equivalent.
“We are excited to announce this acquisition in the Barnett Shale, as this continues our strategy of PDP weighted cash flow yielding investments, where we can leverage technology to drive operational performance,” said Christopher Kalnin, CEO of BKV. “Devon has done wonderful work in the Barnett Shale and we look forward to continuing that tradition, delivering high-quality returns for many years to come.”
Read the article online at: https://www.oilfieldtechnology.com/hydraulic-fracturing/19122019/kalnin-ventures-expands-presence-in-barnett-shale/
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