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Acquisitions
12 Months Ended
Dec. 31, 2018
ACQUISITIONS [Abstract]  
ACQUISITIONS

NOTE 7. ACQUISITIONS

 

2017

 

On January 31, 2017, EVEP acquired a 5.8% working interest in oil and gas properties in Karnes County, Texas for $58.7 million (net of post-closing purchase price adjustments) with the $52.1 million of proceeds from the divestiture of the Barnett Shale natural gas properties in December 2016 (see Note 8) and $6.6 million of borrowings under the Predecessor’s credit facility (the “Eagle Ford Acquisition”). Certain EnerVest institutional partnerships owned an 87% working interest in, and EnerVest Operating, L.L.C. (“EnerVest Operating”), a wholly owned subsidiary of EnerVest and its affiliates, acted as operator of, the properties. The purchase price of $58.7 million was primarily allocated to proved oil and natural gas properties.

 

In August 2017, EVEP acquired a 40% working interest in oil and gas properties in Central Texas near the Austin Chalk position for $2.7 million (net of post-closing purchase price adjustments) from a third party.