Houston-based Evolution Petroleum Corp. is set to enter the Barnett Shale in North Texas with the acquisition of 23,000 net acres from Tokyo Gas Americas Ltd.

Evolution Petroleum logo

Evolution said Wednesday it would pay $23.25 million for the nonoperated position, which currently produces about 22 MMcf/d of natural gas and 13,000 b/d of liquids. In percentage terms, 70% of the production to be acquired is gas and 30% is liquids. Blackbeard Operating LLC, which is backed by private equity firm NGP, is operator of a majority of the assets.

Evolution CEO Jason Brown said the deal would amount to a 75% increase to the company’s current production.

“This acquisition significantly adds to our overall production and reserves, representing a material step in growing our business without adding...