Apache Inks Deal with EVEP, EnerVest for Texas Acreage

Apache has signed a multi-year agreement with EV Energy Partners an institutional partnerships managed by EnerVest to explore for oil and gas in deeper formations across 400,000 acres in Central and East Texas.

Apache agreed to explore for new reserves below the base of the Austin Chalk formation and will be operator. EVEP and EnerVest will contribute the acreage. Apache Corporation is a large oil and gas independent with operations in the United States, Canada, the United Kingdom North Sea, Egypt, Australia and Argentina.

"This is an excellent opportunity for Apache to explore substantial onshore U.S. acreage," said G. Steven Farris, Apache's president and chief executive officer. "We have demonstrated that access to acreage can become opportunities to increase production and reserves."

EVEP is a Houston-based publicly traded master limited partnership engaged in acquiring, producing and developing oil and gas properties. EnerVest, founded in 1992, acquires, develops and operates oil and gas fields on behalf of institutional investors. EnerVest is also the general partner of the general partner of EVEP.

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