Houston's EnerVest Buys Out Encana's Stake in Barnett Shale

Natural gas producer Encana has reached an agreement to sell its entire position in the Barnett Shale Basin to partnerships managed by Houston-based EnerVest, Ltd.

EnerVest will pay $975 million to Calgary-headquartered Encana. In exchange, it will take over Encana’s 700 wells around Fort Worth, producing a 125 million cubic feet of gas a day.

Barnett Shale map
Barnett Shale map, 2009

Mark Houser is executive vice president and chief operating officer of EnerVest.

“That position, along with another small position we’re acquiring simultaneously from a private company, is going to more than double our production in the Barnett Shale and will make us about the number six producer in the basin.”

Houser says the purchase from Encana will bring about a dozen new technical/professional jobs to the Houston area.

Encana says the proceeds from the transaction will help strengthen its balance sheet and provide financial flexibility going into 2012.

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...