EV Energy Partners Gets 'Bona Fide' Offers for its Utica Shale Acreage
EV Energy Partners L.P. (EVEP) said it has received what it calls "bona fide offers" for its operated acreage in the Utica Shale.
The Utica Shale, which stretches through Ohio and Pennsylvania, is a relatively new and very promising shale basin that consists of a potentially significant liquids-rich gas source.
EV Energy said it is in "substantive negotiations" with potential purchasers, but doesn't expect to announce any sale agreements before the end of 2012.
The partnership--which buys, produces and develops oil and gas properties--reported last month it swung to a third-quarter loss as it booked an unrealized loss on derivatives due to the increase in future oil, natural gas and natural gas liquids prices. Revenue rose 6.7%.
Shares closed Friday at $57.73 and were inactive premarket. The stock is down 12% since the start of the year.
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