EnerVest Closes Central, East Texas Acquisition.HOUSTON -- EnerVest Management Partners, Ltd., today announced it has closed an acquisition of oil and natural gas properties in Central and East Texas from Anadarko Petroleum Corporation Anadarko Petroleum Corporation (NYSE: APC) is one of the world’s largest independent oil and gas exploration and production companies, with 2.37 billion barrels of oil equivalent (BOE) of proved reserves and a production of 190 million BOE in 2004. Ranked No. for $631 million, subject to customary closing adjustments. In addition, EV Energy Partners, L.P. (EVEP), acquired a proportionate pro·por·tion·ate adj. Being in due proportion; proportional. tr.v. pro·por·tion·at·ed, pro·por·tion·at·ing, pro·por·tion·ates To make proportionate. interest in these properties for $97 million. EnerVest utilized three institutional partnerships for the acquisition in addition to the participation of EVEP: * EnerVest Fund X contributed $87 million, which closes Fund X. * EnerVest Fund XI contributed $374 million, representing its first acquisition. * EnerVest and Wachovia created a new co-investment partnership that contributed $170 million. "We just closed Fund XI with more than $1 billion in equity, and this acquisition is a strong start for the Fund XI program," said John B. Walker, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "With leverage, our purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. in Fund XI is $1.5 billion, and we look forward to more acquisition opportunities this year." "Continuing our commitment to the energy space, we are delighted to invest alongside EnerVest and EVEP in an attractive property profile," said Bill Haskins, Managing Director of Wachovia Securities Wachovia Securities, located in Richmond, Virginia (soon to be moved to St. Louis), is the third largest brokerage firm in the United States as of 2006 with $689 billion retail client assets under management. It is a subsidiary of Wachovia Corporation. . "We look forward to supporting EnerVest and EVEP's outstanding management teams in their future acquisition endeavors." EnerVest, founded in 1992, acquires, develops and operates oil and gas fields on behalf of its institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . Since January 2005, EnerVest has announced more than $2 billion in acquisitions and $467 million in divestitures. EnerVest operates approximately 11,500 wells in 11 states and is seeking acquisitions for its Fund XI. EnerVest is also the general partner of the general partner of EV Energy Partners, L.P. (EVEP), a publicly traded oil and gas master limited partnership formed in September 2006. |
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