EV Energy Partners, L.P.  today announced it, along with certain institutional partnerships managed by EnerVest, Ltd., has signed an agreement to acquire oil and natural gas properties in the Appalachian Basin from Range Resources Corporation (NYSE: RRC). EVEP will acquire a 46.15 percent interest in these assets for $151.8 million.

The acquisition, which has been approved by the Board of Directors, is expected to close by the end of March 2010 and is subject to customary closing conditions and purchase price adjustments.

The acquisition is comprised of wells primarily producing from the Clinton and Medina formations, with substantially all of the proved reserves and production in Ohio. In addition, there is significant upside potential for drilling in the Knox group formation, where EnerVest has extensive drilling experience.

The properties, and EVEP's share of reserves and production, include:

• 3,306 active wells (3,018 operated)
• Estimated proved reserves as of Jan 1, 2010, net to EVEP, (based on recent strip prices) of approximately 78.8 BCFE plus currently estimated probable and possible reserves (most of which are possible), primarily in the Knox group formation, of approximately 19.7 BCFE.
• 75 percent proved developed producing (58.7 BCFE)
• 70 percent natural gas and 30 percent crude oil
• Premium natural gas pricing due to BTU content and location
• Current daily production net to EVEP's interest of approximately 11.3 MMCFE - 2010 Reserves-to-production ratio of 20 years (15 years for proved developed producing) - Approximately 465,000 gross acres (193,000 net to EVEP's interest), with over 90 percent held by production - 388 currently identified proved undeveloped drilling locations, primarily in the Clinton and Medina formations - Significant Knox group formation potential

John B. Walker, Chairman and CEO, said, "This acquisition is our second in the Appalachian Basin within the past six months. It provides EVEP with additional long-life base production and development drilling opportunities in an area where we have a sizeable asset position and substantial experience. In addition, it provides us with a significant opportunity for future production growth through drilling in the Knox group formation, a play where EnerVest has had drilling success over the past six years."

For 2010 from the date of closing, EVEP expects the following for the properties to be acquired: