2009-06-11-2008-08-12-2008-09-09

Acquired properties in the San Juan Basin, Midcontinent (OK, TX Panhandle, KS), Eastland County, TX, and WV, gaining 88 Bcfe, 12.9 MMcf/d.

The MLP EV Energy Partners LP, Houston, (Nasdaq: EVEP) has closed its acquisition of gas and oil properties in the San Juan Basin, Midcontinent, Eastland County, Texas, and West Virginia from multiple sellers for a combined deal value of $202.7 million. EV Energy paid $173.5 million in cash and 1.15 million units. The units are being issued to EV Energy's parent company EnerVest Ltd. as part of the consideration for its share of the net proceeds from the sale of the San Juan Basin and West Virginia assets to EV Energy. Together, the deals involve estimated proved reserves of approximately 88 billion cubic feet equivalent (94% proved developed producing). Current net daily production is approximately 12.9 million cubic feet per day (58% gas, 18% oil, 24% gas liquids) from more than 440 producing wells. The reserves-to-production ratio is 18.7 years. The San Juan Basin assets with a 77% average working interest are being acquired from institutional partnerships managed by parent company EnerVest Ltd. for $142.1 million. Proved reserves are 65.5 billion equivalent (95% proved developed producing). Current production is 9.1 million cubic feet equivalent per day (58% gas, 84% operated) from 170 producing wells. The reserves-to-production ratio is 19.7 years. The West Virginia assets with an 84% average working interest are being acquired from EnerVest for $5.8 million. Proved reserves are 2.3 billion equivalent (99% proved developed producing). Current production is 390,000 cubic feet equivalent per day (100% gas, 75% operated) from 86 producing wells. The reserves-to-production ratio is 16.2 years. The Midcontinent assets in Oklahoma, the Texas Panhandle and Kansas with a 67% average working interest are being acquired from an EnCap Investments LP-sponsored company for $38.8 million. Proved reserves are 13.7 billion equivalent (100% proved developed producing). Current production is 2.8 million cubic feet equivalent per day (78% gas, 100% operated) from 128 producing wells. The reserves-to-production ratio is 13.7 years. The Eastland County, Texas, assets with a 100% working interest are being acquired from an undisclosed seller for $16 million. Proved reserves are 6.5 billion equivalent (72% proved developed producing). Current production is 600,000 cubic feet equivalent per day (90% oil, 100% operated) from 58 producing wells. The reserves-to-production ratio is 29.7 years. EV Energy amended its credit facility to $700 million, with a borrowing base that increased to $525 million. The cash portion of the four acquisitions was funded through borrowings under the facility. EV plans to hedge a significant part of the expected proved developed producing production from the acquisitions through 2012.