EV Energy Partners, L.P. has signed an agreement to acquire oil properties in South Central Texas for $18 million. The acquisition, which has been approved by the Board of Directors, is expected to close by the end of May 2008, and is subject to customary closing conditions and purchase price adjustments.
EVEP plans to initially finance the acquisition with borrowings under its existing credit facility.
John B. Walker, Chairman and CEO stated, "We are very pleased with this acquisition of producing assets that combine low decline rate oil production with good upside potential. This is the type of property we love to buy."
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