A $420 million sale of its assets in the Haynesville and Bossier shales has been announced by Houston, Texas-based EP Energy Corp. The properties located on the border of Texas and north Louisiana will be bought by Dallas-based Covey Park Gas LLC, a three-year old company with operations centered in east Texas. The acquisition covers some 34,000 net acres including nearly 23,000 undeveloped acres and 190 net drilling locations.
EP Energy, originally formed as El Paso Corps.’s exploration and production arm will essentially sell all of its holdings in the Haynesville, holdings which are largely natural gas-focused.
