EnerVest Ltd. and affiliated partnerships including EV Energy Partners LP have agreed to buy oil and gas properties in the Barnett Shale from Talon Oil & Gas LLC for $967 million. The price, subject to adjustments, includes 3-D seismic across all of the acreage and hedges from the seller. The majority of the 20,207 gross acres is in the core of the Barnett Shale in North Texas. The properties produce 87 MMcfe/d from 212 active wells, with 1.1 Tcfe in reserves. The acquisition adds the Barnett Shale as EnerVest's fourth core operating area. Production from the wells is 29% natural gas liquids/71% natural gas, the company said. EnerVest said it will produce 384 MMcfe/d from 18,530 wells with 2.7 Tcfe of reserves upon closing of the acquisition, which is scheduled for Dec. 30.
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