XML 88 R13.htm IDEA: XBRL DOCUMENT v3.20.1
ACQUISITIONS
12 Months Ended
Dec. 31, 2019
ACQUISITIONS [Abstract]  
ACQUISITIONS

NOTE 7. ACQUISITIONS

 

On January 31, 2017, EVEP acquired a 5.8% working interest in oil and natural gas properties in Karnes County, Texas for $58.7 million, net of purchase price adjustments, from a third party. Prior to this transaction certain EnerVest institutional partnerships owned an 87% working interest in these oil and natural gas properties and EnerVest Operating, L.L.C. (“EnerVest Operating”), a wholly owned subsidiary of EnerVest and its affiliates, acted as operator of these oil and natural gas 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 natural gas properties in Central Texas in the Austin Chalk for $2.7 million, net of purchase price adjustments, from a third party.