One-Page Deal Sheet
Enverst Acquires Highmount E&P For $805 Million
Enervest Ltd. Highmount Exploration & Production, Loews Corporation
Announced Date
August 11,2014
Close Date
September 30,2014
Transaction Type
Property
Enterprise Value (EV)($MM)
805
Transaction Details: Require Private Equity Subscription
Closing Announcement - October 3, 2014
Loews Corporation has completed the sale of its oil and gas exploration and production subsidiary, HighMount Exploration & Production, LLC, to privately held affiliates of EnerVest, Ltd. for $805 million, subject to customary adjustments.
As a result of the sale, Loews's third quarter earnings report will include a modest reduction in the previously recognized impairment charge for HighMount.
There is 467,000 net acres at Sonara
and 41,000 net acres targeting the Wolfcamp and Leonard along the Schleicher/Crockett Co. border currently producing 10.2 MMcfed
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