EV Energy Partners Announces First Agreement to Sell Utica Shale Acres and Reports Second Quarter 2013 Results

HOUSTON, Aug. 9, 2013 /PRNewswire/ -- EV Energy Partners, L.P., (Nasdaq: EVEP) today announced that it, along with certain institutional partnerships managed by EnerVest, Ltd., has signed an agreement to divest certain acreage in Ohio's Utica Shale for $284.3 million to an undisclosed buyer. The total acreage associated with this sale includes 22,535 acres in Guernsey, Harrison and Noble counties. Of that total, EVEP is selling 4,345 acres for approximately $56 million, net to its ownership interest. EVEP will retain its overriding royalty interests in these acres. The transaction is expected to close by the end of the third quarter and is subject to customary closing conditions and purchase price adjustments.

A map depicting the acreage location is available on the Investor Relations page under Presentations on the EVEP website at http://www.evenergypartners.com. As previously disclosed, Jefferies LLC is advising EVEP as it continues to market its Utica acreage. This is a good first step in our revised Utica acreage sale process," said John B. Walker, EVEP Chairman. "The value of this sale averages $12,900 per acre. We look forward to announcing additional deals as they occur."

  http://seekingalpha.com/news-article/7304462-ev-energy-partners-ann...  

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Permalink Reply by searcherone on August 9, 2013 at 2:52am

Guesses on who is buying the acreage:  Antero, Eclipse, Rex. 

Permalink Reply by bo boboski on August 9, 2013 at 2:56am

Shell?

Permalink Reply by Joseph-Ohio on August 9, 2013 at 3:03am
Maybe.

Maybe Shell ?

Maybe BP ?

Maybe Halcon ?

Maybe.

Would like to know !
Permalink Reply by bo boboski on August 9, 2013 at 4:31am

looking at the map, It"s right in Gulfports current drilling area.

Permalink Reply by Olive Sue on August 9, 2013 at 5:00am

Is that 12,900 what they are getting or is what landowners should expect?  Hope this isn't all foreign money!  I wonder what this will all look like 5 years from now???

 

 

Permalink Reply by bo boboski on August 9, 2013 at 8:28am

$13,000.  is probably what Guernsey co. Harrison co. is worth, but they don't want the landowners to think that. That's probably why Shell leased so many acres in Guernsey for $5000 per acre,with the option to release at $5k in 5 years with no intention of drilling for years,knowing it was worth more than $10,000 per acre anyway. they can wait 9 years to drill,after the infrastructure is in,and start making $$$ right away.

Permalink Reply by Busy Bee on August 10, 2013 at 12:08am
Some more info on the sale . Prices range from $11000-$15000 per acre . Where do you suppose the $15000 per acre land is located ? http://www.ohio.com/news/local/enervest-companies-selling-22-535-ac...
Permalink Reply by bo boboski on August 11, 2013 at 12:20am

GUERNSEY

Permalink Reply by bo boboski on August 11, 2013 at 12:21am

new player...Endeavor?

Permalink Reply by arminius on August 11, 2013 at 1:20am

Bo,

Who is Endeavor?  Where is their area of interest?  When I google "Endeavor" there comes up Endeavor Ohio, LLC., but very little describing them.

Permalink Reply by Chris on August 11, 2013 at 4:24am
Endeavor had acreage in tusc. I can't see them buying this, they are very dysfunctional, in my experience. My sleeper pick is American energy partners, ie Aubrey McClendon
Permalink Reply by gary SWF on August 11, 2013 at 4:42am

Chris,.....I agree McClendon could/will be back.....I question if part of his buy out package includes a non compete for maybe a couple of years.....You know he walked away with a lot of money, and maybe no one knows the "Play" better than him.......look for him back with other investor at some point.....How about him coming back in a partenership with one of the big boys and runs their "Utica division"............interesting..........ALL IMHO

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