EnerVest Ltd.

EnerVest Ltd. has retained BNP Paribas Securities Corp. to sell the entirety of its Austin chalk position in Jasper, Newton and Sabine counties, Texas.

The package includes average 87% working interest (70% net revenue interest) in approximately 250,450 gross acres (176,260 net) targeting the Austin chalk formation only. The assets feature 98 mostly operated producing wells targeting a naturally fractured carbonate reservoir with low porosity and low permeability matrix. The wells are currently producing from the “A” member of the chalk. The formation features a thickness of 550- to 650 feet.

Net production as of June was 2.7 million cubic feet of gas per day, 265 barrels of oil per day and 277 barrels of gas liquids per day for a total 6 million cubic feet of gas equivalent per day (54% liquids). Net cash flow in June was $1.1 million.

Upside includes 27 inactive wells (16 operated), 16 low-risk Austin chalk “A” infill horizontal proved undeveloped locations, multiple horizontal re-entry opportunities (“K” laterals) and potential to refrac most wells with modern frac techniques. Also, the unexploited Austin chalk “B” is productive in the field (with two wells) and offset fields.

Bids are due in mid-December. Contact David Marcell, 713-982-1126, david.marcell@us.bnpparibas.com.