KKR Adds 93 Bcfe with Barnett Shale Acquisition
Kohlberg Kravis Roberts (together with its affiliates, KKR) has acquired certain Barnett Shale properties from ConocoPhillips. Following the $40MM acquisition of Southeast Texas oil and gas assets in November, the transaction is the second investment made by KKR Natural Resources (the partnership between KKR and Premier Natural Resources that was formed to pursue investments in North American oil and gas properties).
Located in North Central Texas and producing out of the Barnett Shale formation, the Assets contain 93 Bcfe of total net proved reserves (based on a third party estimate) of which over 90% are proved developed producing (PDP).
"With a high PDP reserve component in a well known reservoir, these assets are precisely the types of properties KKR Natural Resources was designed to pursue. We are excited about these assets and continue to be excited about the opportunity to acquire additional oil and gas properties in North America," said Jonathan Smidt, a Member at KKR and a senior member of KKR’s Energy and Infrastructure business.
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