EV Energy Takes Stake in Appalachian Basin

EV Energy Partners announced that it closed its previously announced acquisition of oil and natural gas properties in the Appalachian Basin from Range Resources Corporation. EVEP acquired a 46.15 percent interest in these assets for an adjusted purchase price of $137.9 million, subject to customary post-closing adjustments. Estimated proved reserves as of Jan. 1, 2010, net to EVEP, (based on recent strip prices) are approximately 69.6 Bcfe.

The purchase price and estimated proved reserves were reduced from those contained in EVEP's Feb. 8, 2010, acquisition announcement primarily due to third party consents on certain properties not yet received as of the initial closing date. The property interests related to such outstanding consents will be acquired if and when such consents are received.

The acquisition was funded with borrowings under EVEP's existing credit facility. Following closing, EVEP's outstanding debt is $345 million.