Kohlberg Kravis Roberts & Co. L.P. (KKR) Acquires Certain Barnett Shale Properties from Carrizo Oil & Gas (CRZO)

Kohlberg Kravis Roberts & Co. L.P. (NYSE: KKR) has entered into a definitive agreement to acquire certain Barnett Shale properties from Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) for $104 million. The transaction, which is expected to close in mid-May, is being made through KKR Natural Resources (“KNR”), KKR’s partnership with Premier Natural Resources to pursue investments in North American oil and gas properties. The transaction is the third investment made by KNR and, following the acquisition of certain properties from ConocoPhillips (NYSE: COP) in January, the second investment made by KNR in the Barnett Shale.

Located in North Central Texas and producing out of the Barnett Shale formation, the Assets contain 122.4bcfe of total net proved reserves (based on a third party estimate) and comprise 75 gross (58.5 net) wells currently producing at a gross rate of 15.7mmcfe/d (8.3 mmcfe/d net).

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