KKR Partners to Develop the East Texas Eaglebine

Source: www.gulfoilandgas.com 10/28/2014, Location: North America

KKR announced an investment in which KKR has become a non-operated working interest partner with Anadarko Petroleum Corporation ("Anadarko") in the development of Anadarko's acreage in the Eaglebine play located primarily in Brazos, Burleson, and Robertson Counties, Texas. Through long-term, full field development, KKR expects to participate in more than 500 future horizontal wells.

"We have long admired Anadarko as one of the top independent oil and natural gas exploration and production companies and a company with particularly strong execution capabilities in unconventional resource basins," Marc Lipschultz, Global Head of KKR's Energy and Infrastructure business, said. "At the core of our energy practice, we seek to identify and work with outstanding companies to provide capital to support their goals while generating compelling expected results for our fund investors. The partnership we forged with Anadarko is exactly this type of investment."

KKR is making the investment in the Partnership primarily through its Energy Income and Growth Fund I ("EIGF"), which generates a return through current income and capital appreciation while seeking to provide inflation protection through commodity exposure. The non-operated drilling strategy within EIGF is part of an effort to support the large capital needs of oil and gas companies in attractive unconventional resource basins in North America.

This is KKR's first investment with Anadarko and first investment in the Eaglebine formation. The Eaglebine is an extension of the South Texas Eagle Ford shale into East Texas. The partnership marks KKR's tenth investment in the Eagle Ford shale in addition to numerous other investments pursued in the South Texas Eagle Ford. KKR manages $8.7 billion in energy and infrastructure related assets.

Related Categories: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

Related Articles: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

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