EnerVest Announces Sale of Eagle Ford and Austin Chalk Assets for $2.66 Billion to TPG Pace Energy Holdings
TPG PACE ENERGY HOLDINGS CORP (TPGE)
US:NYSE Investor Relations:
tpg.com/platforms/paceholdings
Company Research
Source: GlobeNewswire
HOUSTON, March 20, 2018 (GLOBE NEWSWIRE) -- EnerVest, Ltd., on behalf of certain institutional partnerships, announced today it has entered into definitive agreements to sell its Eagle Ford and Austin Chalk assets to TPG Pace Energy Holdings (“TPGE”) (NYSE:TPGE) (NYSE:TPGE.U) (NYSE:TPGE.WS), an energy-focused special purpose acquisition entity led by former Occidental Petroleum Corporation CEO Steve Chazen, for approximately $2.66 billion in cash and stock. As part of the transaction, TPGE and EnerVest are partnering to create Magnolia Oil & Gas Corporation (“Magnolia”), a new company led by Chazen who will serve as Magnolia’s full-time Chairman, President and CEO. The transaction is expected to close late in the second quarter of 2018. EnerVest Operating, L.L.C., will continue to operate the assets under a long-term arrangement, and EnerVest, Ltd., will provide certain additional corporate services to Magnolia. Upon closing, Magnolia will trade on the NYSE under a new ticker, and
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