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EV Energy Partners Utica Acreage Sale Delayed Until 2013

Last week MDN told you to be on the lookout for a sale by EV Energy Partners (EVEP) of their Utica Shale acreage (see this MDN story). EVEP’s Executive Chairman, John Walker, said in November the company was looking to sell its interest in 100,000 operated acres by the end of 2012. Looks like that was a tad optimistic on Walker’s part…

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EV Energy Partners About to Shed Utica Acreage

Landowners in the Utica Shale who signed with EV Energy Partners, take note: Your lease may soon be reassigned.

An article on the Seeking Alpha website takes a close look at EV Energy Partners (EVEP) and their large Utica Shale investments. EVEP is structured as a “master limited partnership” or MLP. The focus for an MLP is distributing (via quarterly payments called distributions) most of the profit made by the company to its partners/shareholders. Because of its MLP structure, long-term development of “speculative” plays like the Utica is not in line with the company’s mission, so EVEP is looking to shed most of it’s Utica Shale leases—and they’re doing it soon…

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EV Energy Selling 539K Utica Shale Acres by Dec 31

big saleEV Energy Partners, part of EnerVest Ltd., is in the final stages of a deal to sell its interest in 539,000 Utica Shale acres in Ohio, according to EV founder and chairman John Walker. (See this MDN story for background on how EV amassed such a large stake in the Utica.) When the final deal is done, it may bring in as much as $6 billion for EV.

Here’s what we know about the deal and what motivated it, from an investors call with Walker on Friday:

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Hanoverton, OH NGL Processing Plant on Track for May 2013

In May 2012, MDN told you about a new $400 million cryogenic processing plant to be built in Hanoverton (Columbiana County), Ohio by a joint venture between Chesapeake Energy, M3 Midstream and EV Energy Partners (see this MDN story). The plant will collect and process shale gas, separating out natural gas liquids like propane, butane and ethane. In early October we told you construction had begun and the first phase of the new plant is due to come online in May 2013 (see this MDN story).

Last week an official for M3 Midstream, one of the partners in the project, visited the construction site and said things are track to meet the “very aggressive” May 2013 opening date:

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OH Shale Gas Processing Plant Work Gets Underway

In May, MDN told you about a new $400 million shale gas collection and processing plant being built in Columbiana County, Ohio by a joint venture between Chesapeake Energy, M3 Midstream and EV Energy Partners (see this MDN story). The plant will be built on a 117-acre site over a 5-year span with the first part due to go online in 2013.

A quick update on the new plant:

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EV Energy Strikes Oil & NGLs in Stark County, OH

EV Energy’s Utica well in Stark County, Ohio is producing large quantities of light crude oil in addition to large quantities of natural gas liquids. EV Energy’s CEO, Mark Houser, said their well in Stark looks better in the early results than oil wells in the Eagle Ford basin in Texas. High praise indeed.

Because of what EV and others have found, drilling activity for oil and NGLs is moving to Stark, Tuscarawas, Guernsey and Noble counties.

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EV Energy Partners 2Q12 Update: Utica NGLs Now Producing

EV Energy Partners (EVEP) reported their 2Q12 financial results yesterday. EVEP is a master limited partnership controlled by oil & gas company EnerVest. They look for lower risk, long-term oil and gas properties, with investments in a number of oil and gas plays across the U.S., including the Utica and Marcellus. It seems they’re doing a good job. Their 2Q12 profits were up 20% from a year ago—to $66.1 million. Production for the second quarter of 2012 was up 47%—10.7 billion cubic feet of natural gas, 282,000 barrels of oil and 403,000 barrels of natural gas liquids, or 14.8 billion cubic feet equivalent.

The only direct quote in the press release from the CEO was in reference to their activities in the Utica Shale:

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