2009-09-18-2009-07-22

To acquire 15.15% WI in 24,000 acres with 67 Austin chalk wells in Fayette, Grimes, Lee, Washington & Burleson counties, TX, gaining 3.35 Bcfe proved, 1 MMcfe.

EV Energy Partners LP, Houston, (Nasdaq: EVEP) plans to acquire a 15.15% interest in properties in the Austin chalk in Texas from an undisclosed seller for $5.3 million. The assets include a 90% average working interest in more than 24,000 net acres with 67 wells producing primarily from the Austin chalk formation in Fayette, Grimes, Lee, Washington and Burleson counties. Estimated proved reserves as of April 1, net to EVEP and based on current strip prices, are approximately 3.35 billion cubic feet equivalent (100% proved developed producing; 83% gas; 88% operated). Net daily production is approximately 1 million cubic feet equivalent. EV Energy chairman and chief executive John B. Walker says, "This is the second Austin chalk add-on acquisition we have announced during the past two months. As we have previously noted, the Austin chalk is EnerVest's largest and most successful area of operation and this purchase highlights our continuing focus on acquisitions in our core areas. We only paid for producing reserves, but believe that each of the 67 well bores offers the opportunity to exploit additional Austin chalk zones. Our recently completed equity offering and reduction in our outstanding debt by 25% during 2009 provides EVEP with the flexibility to continue to pursue acquisition opportunities at attractive rates of return." Closing is expected by Sept. 1.