WildHorse buys Eagle Ford assets for US$625 million

WildHorse Resource Development is acquiring Eagle Ford properties for US$625 million. The assets, comprising 111,000 net acres (449 square km), are being purchased from Anadarko Petroleum and affiliates of private equity firm Kohlberg Kravis Roberts & Co.In 2016, fourth-quarter net production on the acquired properties totalled 7,583 boepd, comprising 72% oil from 386 operated wells. The assets are located in Texas’ Burleson, Brazos, Lee, Milam, Robertson and Washington counties, adjacent to WildHorse’s existing acreage position. The transaction is expected to close on or around June 30, 2017 with an effective date of January 1, 2017.The Houston-based firm said that production on the purchased acreage came from 68 Eagle Ford, 299 Austin Chalk, and 19 Buda-Georgetown operated wells. The acreage is estimated to contain 949 net Eagle Ford locations and 22.9 million boe of proven developed producing reserves, consisting of 73% oil and 88% liquids.“This transformative acquisition presented us with a strategic opportunity to consolidate our acreage position. With a total of 385,000 net acres [1,558 square km], we have built a premier contiguous acreage base, making us the second largest operator in the entire Eagle Ford trend,” said WildHorse’s chairman and CEO, Jay Graham.

Source: Your Oil & Gas News | WildHorse buys Eagle Ford assets for US$625 million

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