EV Energy (EVEP) Met Conditions to Increase Ownership in UEO Midstream to 21%

December 27, 2012 5:08 PM EST
In October 2012, EV Energy Partners, L.P. (Nasdaq: EVEP) signed an agreement whereby the Partnership, along with certain institutional partnerships managed by EnerVest, Ltd., the owner of EV Management LLC and the owner of 71.25% of the interest in the Partnership’s general partner, would dedicate certain of our operated acres in Ohio to the Utica East Ohio Midstream LLC facilities in exchange for the right of the Partnership to increase its ownership in UEO from 8% to 21%. UEO is constructing natural gas processing, natural gas liquids fractionation and connecting pipeline facilities in the Utica Shale in Ohio. The increase in the Partnership’s ownership in UEO was subject to certain conditions being met on or before March 2013.

On December 20, 2012, such conditions were satisfied, thereby allowing the Partnership to increase its interest in UEO from 8% to 21%.

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