Key Developments For EV Energy Partners, L.P.
EV Energy Partners, L.P. (EVEP.O) (Nasdaq)
EXCO Resources, Inc. Closes Sale Of Certain Ohio And Northwestern Pennsylvania Producing Assets To EV Energy Partners, L.P.
EXCO Resources, Inc. announced that it has closed sale of certain Ohio and Northwestern Pennsylvania producing assets to EV Energy Partners, L.P. along with certain institutional partnerships managed by EnerVest, Ltd. The sale was effective as of September 1, 2009. Total proceeds received at the closing were $131.2 million. In connection with the closing, the parties agreed to hold back approximately $13.1 million of the properties for up to 90 days pending the receipt of required consents from third parties necessary to transfer such properties.
EV Energy Partners, L.P. Announces Quarterly Cash Distribution
EV Energy Partners, L.P. announced a cash distribution attributable to the third quarter of 2009 of $0.754 per unit for all of its outstanding units. The distribution will be payable on November 13, 2009, to unit holders of record at the close of business on November 6, 2009.
EV Energy Partners, L.P. Announces Closing Of Common Unit Offering And Exercise Of Over-Allotment Option
EV Energy Partners, L.P. announced the closing of its previously announced public offering of 2,800,000 common units at $22.83 per unit. The underwriters of the Partnership's common unit offering exercised in full their option to purchase an additional 420,000 common units at $22.83 per unit. The Partnership intends to use the net proceeds of approximately $71.7 million from the 3,220,000 common unit offering, after deducting the underwriting discounts and commissions and estimated offering expenses, and including the Partnership's general partner's proportionate capital contribution, for general partnership purposes, including funding for its recently announced Appalachia acquisition as well as potential future acquisitions. Pending use of the proceeds for acquisitions or other purposes, the Partnership intends to use the proceeds to repay indebtedness under its existing credit facility. Raymond James, Citi, RBC Capital Markets and Wells Fargo Securities were joint book-running managers for the offering.
EV Energy Partners, L.P. Announces Appalachia Acquisition From EXCO Resources, Inc.
EV Energy Partners, L.P. announced that it, along with certain institutional partnerships managed by EnerVest, Ltd., has signed an agreement to acquire oil and natural gas properties in the Appalachian Basin from EXCO Resources, Inc. EVEP will acquire a 17.2% interest in these assets for $25 million. The acquisition is expected to close by late November 2009. The acquisition is comprised of approximately 3,000 wells producing primarily from the Clinton, Knox, Medina, Bradford and Oriskany formations in Ohio and Northwestern Pennsylvania. In addition, there is significant upside potential for drilling in the Knox group formation, where EnerVest has over six years of experience. With over 335,000 gross acres as part of the acquisition, EVEP has identified over 100 potential Knox drilling opportunities it plans to pursue over the next five years.
EV Energy Partners, L.P. Announces Pricing Of Public Offering Of Common Units
EV Energy Partners, L.P. announced that its public offering of 2,800,000 common units was priced at $22.83 per unit to the public. The Partnership expects the delivery to occur on September 30, 2009. In addition, the underwriters have an over allotment option to purchase up to approximately 420,000 common units. Assuming no exercise of the over allotment option, the Partnership expects to receive net proceeds from the offering of approximately $62.3 million, after deducting the underwriting discounts and commissions and estimated offering expenses, and including the Partnership's general partner's proportionate capital contribution. The Company intends to use the net proceeds from the offering, including the proceeds from any exercise of the over allotment option, for general partnership purposes, including potential future acquisitions. Pending use of the proceeds for acquisitions or other purposes, the partnership intends to use the proceeds to repay indebtedness under its existing credit facility. Raymond James, Citi, RBC Capital Markets and Wells Fargo Securities will act as joint book-running managers for the offering.
