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EP Energy Closes Acquisition of Eagle Ford Properties from Carrizo, Divests Altamont Assets
Tuesday 13 February 2018

13 February 2018 - Texas, US-based oil and gas exploration and production company EP Energy Corp. (NYSE: EPE) has closed the acquisition of Texas-based Eagle Ford undeveloped acreage and certain producing properties from Carrizo Oil and Gas.

EP also closed the sale of certain assets in the Altamont area of the Uinta Basin to an undisclosed party, the company said.

The aggregate purchase price for the acquired properties is approximately USD 245m. The divested properties will generate an estimated proceeds of USD 180m.

This bolt-on acquisition in Eagle Ford will provide approximately 24,500 net acres, a 26% expansion of current Eagle Ford position that yielded a net production of approximately 3,400 barrels of oil equivalent per day (Boe/d), on a three-stream basis, during the third quarter 2017.

The acquisition increases the horisontal shale inventory by approximately 200 future drilling locations and allows for extension on approximately 30 existing undeveloped locations
EP is divesting approximately 23,330 net acres in the Altamont, which is approximately 14% of EP Energy's acreage position.

This property yielded a net production of approximately 1,500 Boe/d during the third quarter 2017.

The EP Energy team engages in the exploration for and the acquisition, development, and production of oil, natural gas, and natural gas liquids in the US. EP Energy is active in key phases of the E and P value chain--acquiring, developing and producing oil and natural gas.
Details
Date Published: 13/02/2018
Target: Texas-based Eagle Ford undeveloped acreage and certain producing properties
Country: USA
Deal Size: 245m (USD)
Sector: Petroleum/Natural Gas/Coal
Type: Corporate acquisition
Financing: Cash
Status: Closed
Vendor: Carrizo Oil and Gas
Buyer: EP Energy
Comment:
EP also agreed to divest certain assets in the Altamont area of the Uinta Basin to an undisclosed party for USD 180m

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