Texas oil company expands in Oklahoma

Houston-based EnerVest said Monday it has purchased $1.4 billion in assets since August, including deals worth more than $800 million in Oklahoma.
by Adam Wilmoth Published: November 12, 2013
Advertisement
;

The Oklahoma oil patch continues to attract new investors.

Houston-based oil and natural gas producer EnerVest Ltd. has expanded its interest in western Oklahoma as part of a series of recent acquisitions worth about $1.4 billion.

The 21-year-old oil and natural gas company said Monday it has begun or completed seven purchases since August. EnerVest's two largest deals were in western Oklahoma, totaling nearly $740 million.

The company paid $396 million to Laredo to buy 95,000 acres and 266 billion cubic feet of natural gas equivalent reserves. EnerVest is set to close by the end of the year on its $343 million purchase from SM Energy of 58,000 acres and 143 billion cubic feet equivalent of reserves.

The company also announced deals in Colorado, Texas and New Mexico.

EnerVest executives are excited about the potential in western Oklahoma, CEO John Walker said.

“I think there's always great opportunity when you have multiple formations. That's always been true for Oklahoma,” Walker said. “We're looking at the Granite Wash in the Anadarko Basin of Oklahoma and the Texas Panhandle. There might be 12 different things we're looking at in those formations. That's what makes it so attractive.”

| |

by Adam Wilmoth
Energy Editor
Adam Wilmoth returned to The Oklahoman as energy editor in 2012 after working for four years in public relations. He previously spent seven years as a business reporter at The Oklahoman, including five years covering the state's energy sector....
+ show more

Advertisement


Trending Now



AROUND THE WEB

  1. 1
    Dave Chappelle Reveals Shockingly Buff New Look
  2. 2
    Peaches Geldof Funeral to Be Held on Easter Monday
  3. 3
    Mayor Who Fired Lesbian Police Chief Caught On Tape In Homophobic Tirade
  4. 4
    NBA commissioner wants to raise age limit to 20
  5. 5
    Dream guitars I wouldn't mind calling my own (34 Photos)
+ show more