EnergyQuest Resources LP, Houston, a portfolio company of Houston-based Quantum Energy Partners, and investment affiliates Kansas Processing EQR LLC and Kansas Production EQR LLC, have closed three acquisitions in the Cherokee Basin in Kansas and northeast Oklahoma. The cost of the combined proved reserves acquired from the three transactions was $1.91 per thousand cubic feet of gas equivalent. EnergyQuest bought productive acreage and gathering systems in Nowata, Rogers, Tulsa and Washington counties, Oklahoma, from Amvest-Osage Inc. and Northeast Shelf Energy LLC. This purchase included 73 productive wells on 5,590 acres and a 76-mile pipeline gathering system. The second transaction included Talala, Skiatook and Vera fields in Rogers and Tulsa counties, Oklahoma, from Coe Production LLC. This acquisition included 40 productive wells on 2,640 acres. The third transaction involved royalty and overriding royalty interests in the SW Independence Field from Sunwest SE Kansas LP, Summit Energy LLC, and affiliated parties. The field is currently operated by EnergyQuest. EnergyQuest will perform all operations within the acquisitions, which increase the company's net daily production by 26% and establish the company as a large operator in the Cherokee Basin, with a total of 265 producing wells and 25,320 gross productive acres. The acquisitions give EnergyQuest some 400 productive wells and more than 34,000 productive acres.
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