Wednesday, November 2, 2016

Covey Park on a Buying Spree

Covey Park Energy announced today that it has acquired another chunk of Haynesville Shale acreage. The private equity-backed company bought 139,000 gross (90,000 net) acres in Panola, Nacogdoches and San Augustine Counties, TX and Desoto, Bossier and Sabine Parishes, LA.  Average net production is 35 MMcf/day, so the purchase is clearly more about future value than current income.  Covey Park now owns 321,000 gross (218,000 net) acres in the Haynesville Play, with total proved reserves of 2.5 Tcf.

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