Bloomberg News

EP Energy Agrees to Sell $1.3 Billion of Assets to Three Buyers

June 17, 2013

EP Energy LLC, the production and exploration unit formed when Apollo Global Management LLC (APO:US) bought El Paso Corp.’s oil and gas operations last year, agreed to sell $1.3 billion of assets in three deals.

Atlas Resource Partners LP (ARP:US) will buy EP’s coal-bed methane properties in the Raton, Black Warrior and Arkoma basins, Houston-based EP said today in a statement. WildHorse Resources LLC will take over gas fields in Texas and Louisiana, and a third company that wasn’t identified will purchase other assets in Texas.

The assets had a combined daily average production of 215 million cubic feet in the first quarter and generated earnings of $40 million before interest, taxes, depreciation, amortization and exploration expenses, according to the statement.

Evercore Partners Inc. (EVR:US) served as adviser for the sales to Atlas and WildHorse and Royal Bank of Canada was adviser for the third sale. The legal adviser was Akin Gump Strauss Hauer & Feld LLP.

To contact the reporter on this story: Gerrit De Vynck in Toronto at gdevynck@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net


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Companies Mentioned

  • APO
    (Apollo Global Management LLC)
    • $23.55 USD
    • 0.22
    • 0.94%
  • ARP
    (Atlas Resource Partners LP)
    • $10.58 USD
    • 0.06
    • 0.57%
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