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Friday, September 4, 2015

EVEP Buys Belden & Blake as Part of $259 Million Deal

From The Canton Repository:
With eyes on drilling hundreds of horizontal wells in the Clinton Sandstone, EV Energy Partners is taking complete ownership of Belden & Blake Corporation. 
EV Energy Partners is a Texas-based partnership controlled by EnerVest, the largest well operator in the country. EnerVest has run Belden for 10 years and has offices in Lake Township and Dover. 
Thursday’s deal makes Belden a wholly-owned indirect subsidiary of EVEP and won’t result in local job losses. The purchase is part of $259 million in acquisitions by EVEP from EnerVest partners. 
Belden owns oil and natural gas rights in Michigan, Ohio and Pennsylvania. The company has net proved reserves equal to 120 billion cubic feet of natural gas. Those reserves are 81 percent natural gas, 16 percent crude oil and 3 percent natural gas liquids. 
The deal doesn’t include Utica Shale rights, but EVEP is looking at the East Canton Oil Field.
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