Apache Signs Agreement with EVEP, EnerVest to Explore 400,000 Acres in Central and East Texas
HOUSTON, Sept 12, 2007 /PRNewswire-FirstCall via COMTEX News Network/ --
Apache Corporation (NYSE, Nasdaq: APA) announced today that it has signed a multi-year agreement with EV Energy Partners, L.P. (Nasdaq: EVEP) and institutional partnerships managed by EnerVest, Ltd., to explore for oil and gas in deeper formations across 400,000 acres in Central and East Texas.
Apache agreed to explore for new reserves below the base of the Austin Chalk formation and will be operator. EVEP and EnerVest will contribute the acreage.
"This is an excellent opportunity for Apache to explore substantial onshore U.S. acreage," said G. Steven Farris, Apache's president and chief executive officer. "We have demonstrated that access to acreage can become opportunities to increase production and reserves."
Apache Corporation is a large oil and gas independent with operations in the United States, Canada, the United Kingdom North Sea, Egypt, Australia and Argentina.
EVEP is a Houston-based publicly traded master limited partnership engaged in acquiring, producing and developing oil and gas properties. EnerVest, founded in 1992, acquires, develops and operates oil and gas fields on behalf of institutional investors. EnerVest is also the general partner of the general partner of EVEP.
This news release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, expectations, beliefs, plans and objectives regarding production and exploration activities. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our 2006 Form 10-K and on our Web site. There is no assurance that Apache's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements. We assume no duty to update these statements as of any future date.
SOURCE Apache Corporation
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