EV Energy lifts borrowing base on credit agreement to $800 million

By Susanna Moon

Chicago, Dec. 27 - EV Energy Partners, LP boosted the borrowing base to $800 million in an amended credit agreement last Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

Proceeds were used to fund the acquisition of oil and natural gas properties located in the Barnett Shale from Encana Oil & Gas (USA) Inc., a subsidiary of Encana Corp., by EV Properties LP, a partnership wholly owned by EV Energy, along with institutional partnerships managed by EnerVest, Ltd., the owner of EV Management LLC and the owner of 71.25% of the interest in the company's general partner.

After funding the acquisition, the total outstanding debt under the facility is $660 million.

EV Energy is a Houston-based acquirer, producer and developer of oil and gas properties.

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