EV Energy Partners LP, Houston, (Nasdaq: EVEP) plans to acquire properties in the Permian Basin from privately owned, Houston-based Plantation Petroleum Holdings III LLC, a company backed by Houston-based private-equity provider EnCap Investments LP, for $160 million. The assets are comprised of 142 wells (100% operated) producing primarily from the Yates, Seven Rivers, Queen and Morrow formations in Lea and Eddy counties, New Mexico, and Winkler County, Texas; and the Clear Fork and Wichita Albany formations in Gaines County, Texas. Net production is approximately 11.2 million cubic feet of gas equivalent per day. Proved reserves are 79.1 billion cubic feet equivalent (49% gas liquids, 51% proved developed producing).
Recommended Reading
US Drillers Cut Oil, Gas Rigs for Third Week in a Row
2024-05-10 - Baker Hughes said oil rigs fell three to 496 this week, their lowest since November, while gas rigs rose one to 103.
Kissler: Mideast Tension Elevates Crude Prices—But for How Long?
2024-05-09 - Producers should be aggressive in locking in desirable crude oil prices on an abnormal market strength.
APA Corp. Latest E&P to Bow to Weak NatGas Prices, Curtail Volumes
2024-05-07 - APA Corp. plans to curtail gas and NGL production in the U.S. owing to weak Waha prices but remains confident it can deliver in the Permian Basin, CEO John Christmann said during a quarterly webcast with analysts.
What's Affecting Oil Prices This Week? (May 6, 2024)
2024-05-06 - Stratas Advisors forecast that oil demand for 2024 will increase by 1.41 MMbbl/d in comparison to 2023 and that oil demand will increase by 810,000 bbl/d in comparison to 2Q23.
TC Energy Preparing for Natural Gas Demand Surge
2024-05-06 - TC Energy executives expect data centers in Wisconsin and Virginia to drive as much as 8 Bcf/d of natural gas demand for power generation.