EV Energy Partners Provides Operational Update
June 08 2017 - 4:30PM
EV Energy Partners, L.P. (Nasdaq:EVEP) today provided an update on
initial drilling results in Karnes County, TX as well as their
other areas of operations.
In its recently acquired properties in Karnes County, TX, four
wells have been drilled and completed in the lower Eagle Ford and
Austin Chalk in which the Partnership has a 5.8 percent working
interest. The combined 60-day initial production rate (IP)
for these four wells averaged 6,000 gross barrels of oil equivalent
per day (84 percent oil). Additionally, 16 wells (eight lower
Eagle Ford and eight Austin Chalk) on four pad sites have been
drilled and will be completed in June and July with initial
production expected during the third quarter. The average
drilling and completion cost for each well ranges between $4.5
million and $5.7 million. EVEP has an approximate 5.8 percent
working interest in these wells.
In addition, EVEP is currently running one rig in the Barnett
Shale and one rig in the Austin Chalk. In the Barnett, eight
wells will be drilled and completed on two pad sites and one
previously drilled well will be completed. Wells in the
Barnett Shale are expected to begin production during the third
quarter. The average drilling and completion cost per well is
$4 million. EVEP has an approximate 31 percent working
interest in these wells. In the Austin Chalk, three to five
wells will be drilled and completed and are expected to begin
production during the third quarter. The average drilling and
completion cost per well ranges between $5.5 million and $6
million. EVEP’s working interest in these wells ranges
between 16 and 25 percent.
EVEP also participated in a non-operated well in Ochiltree
County, TX, which had a 30-day IP of 900 gross barrels of oil
equivalent per day (70 percent oil). The drilling and
completion cost for the well, net to EVEP’s 32 percent working
interest, was less than $1.0 million.
“Our initial drilling results have met expectations, and we are
pleased with the opportunity to increase drilling activity this
year. Given current commodity pricing and our previously
provided guidance, we expect to fully fund our $30 to $45 million
2017 capital budget out of cash flow from operations,” said Michael
Mercer, President and CEO.
About EV Energy Partners, L.P.
EV Energy Partners, L.P. is a Houston based master limited
partnership engaged in acquiring, producing and developing oil and
natural gas properties. More information about EVEP is available on
the Internet at www.evenergypartners.com.
(code #: EVEP/G)
EV Energy Partners, L.P., Houston
Nicholas Bobrowski
713-651-1144
http://www.evenergypartners.com