Michael E. Mercer, 713-651-1144

http://www.evenergypartners.com

EV Energy Partners, L.P. (Nasdaq:EVEP) today announced that it had entered into agreements to acquire natural gas and oil properties for $202.7 million. EVEP also announced results for the second quarter 2008 and filed its Form 10-Q with the Securities and Exchange Commission. In addition, EVEP announced an anticipated distribution increase to $0.75 per common unit for the third quarter of 2008, payable during the fourth quarter of 2008, and provided updated guidance for the second half of 2008.

Acquisitions

EVEP has entered into four agreements to acquire natural gas and oil properties in the San Juan Basin, Mid-Continent (Oklahoma, Texas Panhandle and Kansas), Eastland County, Texas and West Virginia for $202.7 million. The acquisitions, which have been approved by the Board of Directors, are expected to close between the end of August and mid-September, and are subject to customary closing conditions and purchase price adjustments. The San Juan Basin assets are being acquired from institutional partnerships managed by EnerVest, Ltd., the West Virginia assets are being acquired from EnerVest, Ltd. and the Mid-Continent assets are being acquired from an EnCap sponsored company.

The properties to be acquired include:

-- Over 440 producing wells

-- Estimated proved reserves (based on recent strip prices) of approximately 88 Bcfe

-- 58% natural gas, 18% oil and 24% natural gas liquids

-- 94% proved developed producing

-- High operating percentage and working/net revenue interests

-- Reserves-to-production ratio of 18.7 years

-- Current net daily production of approximately 12,900 Mcfe per day

EVEP plans to initially finance the acquisitions with borrowings under its amended and restated credit facility. EVEP has agreed with EnerVest that it will receive its share of the net proceeds, estimated to be approximately $35 million, in EVEP common units based on the volume weighted average price of the common units from August 7th through August 14th (the three trading days prior to and after today's announcement). However, in order to receive common units, EnerVest must receive the consent of the investors in its institutional partnerships. If EnerVest does not receive the consent, only approximately $5 million of the estimated proceeds to EnerVest will be paid in common units, and the balance will be paid in cash.

John B. Walker, Chairman and CEO, stated, "We are very pleased with our ongoing ability to find attractive, synergistic acquisitions which, combined with our continued strong cash flow generation, has enabled us to provide our unit holders with significant unit distribution growth. After the closing of these acquisitions, EnerVest, its employees, EVEP management and its directors will have purchased units or received units in transactions approaching $50 million year-to-date. We believe in the long-term growth prospects for EVEP."

For the fourth quarter of 2008, EVEP expects the following for the properties to be acquired:

EVEP plans to hedge a significant part of the expected proved developed producing production from the acquisitions through 2012 prior to closing of the acquisitions and, to date, has entered into the following additional NYMEX oil and natural gas price swaps:

EVEP's total commodity price hedge positions, after taking into account the new hedges detailed above, are presented in the Hedge Summary Table at the end of this release.

Second Quarter 2008 Results

Adjusted EBITDA for the quarter was $30.6 million, a 124% increase over the second quarter of 2007 and a 6% increase over the first quarter of 2008. Distributable Cash Flow for the quarter was $18.4 million, a 117% increase over the second quarter of 2007 and an 18% increase over the first quarter of 2008. Adjusted EBITDA and Distributable Cash Flow are described in the attached table under "Non-GAAP Measures".

EVEP reported a net loss of $99.5 million, or ($6.51) per basic and diluted weighted average unit outstanding, for the second quarter of 2008. Included in this loss were $118.1 million of non- cash net unrealized losses on commodity derivatives, and $0.8 million of non-cash unit based compensation costs contained in general and administrative expenses. For the second quarter of 2007, net income was $12.0 million, or $0.93 per basic and diluted weighted average unit outstanding, which included $3.4 million of non-cash net unrealized gains on commodity derivatives and $0.3 million of non-cash costs contained in general and administrative expenses. For the first quarter of 2008, net loss was $24.7 million, or ($1.61) per basic and diluted weighted average unit outstanding, which included $40.3 million of non-cash net unrealized losses on commodity derivatives and $0.5 million of non-cash costs contained in general and administrative expenses.

The $118.1 million non-cash net unrealized loss on derivatives for the second quarter of 2008 was due to the significant increase in future oil and natural gas prices that occurred from March 31, 2008 to June 30, 2008 and the effect of such increased prices on EVEP's commodity price hedges which extend through 2012. However, since June 30, 2008, energy commodity prices have declined. If oil and natural gas futures prices as of August 8, 2008 had been utilized, EVEP would have recorded a non-cash unrealized gain of approximately $8.7 million for the second quarter of 2008.

For the quarter ended June 30, 2008, EVEP produced 3.403 Bcf of natural gas, 97 MBbls of crude oil and 135 MBbls of natural gas liquids, or 4.80 Bcfe. This is a 104% increase over second quarter 2007 production of 2.35 Bcfe, primarily due to acquisitions made throughout 2007. Production decreased by 2% from the first quarter 2008 production of 4.91 Bcfe, primarily due to pipeline curtailments experienced in the Monroe field for part of the second quarter, which reduced daily production from the Monroe field during the period of curtailment by approximately 35%, or 3.3 mmcf per day. For the quarter, this affected production by approximately 0.17 Bcfe. These curtailments are currently expected to continue into the fourth quarter of 2008. However, during any periods of significant curtailment, EVEP is contractually entitled to receive payment from the purchaser for the amount of gas production curtailed, subject to the purchaser recouping such amounts out of a percentage of future production during periods when such production is not curtailed. Without this curtailment, production would have been approximately 4.96 Bcfe, or 54.5 mmcfe per day for the quarter.

Anticipated Distribution Increase

Based on the announced acquisitions and continued strong cash flow generation, management anticipates that it will recommend to the Board of Directors a $0.05 increase in the quarterly distribution rate to $0.75 per unit beginning with the third quarter 2008 distribution, payable during the fourth quarter of 2008, and a further distribution increase for the fourth quarter 2008 distribution.

Updated Guidance

Updated guidance for the third and fourth quarters of 2008 is presented in the table below. This includes the Mid-Continent and Eastland County acquisitions from September 1, 2008 and the San Juan and West Virginia acquisitions from September 8, 2008. This guidance also includes the assumption that pipeline curtailments in the Monroe field of approximately 3.3 mmcf per day, net to EVEP, continue into November 2008. To the extent such curtailments end or decline, EVEP's natural gas production guidance range would increase by such amounts.

Quarterly Report on Form 10-Q

EVEP's financial statements and related footnotes are available on our second quarter 2008 Form 10-Q, which was filed today and is available through the Investor Relations/SEC Filings section of the EVEP web site at http://www.evenergypartners.com.

Conference Call

As announced on August 6, 2008, EV Energy Partners, L.P. will host an investor conference call Tuesday, August 12, 2008, at 9:00am (Eastern Time). Investors interested in participating in the call may dial 303-262-2130 and ask for the EV Energy Partners call at least 5 minutes prior to the start time, or may listen live over the internet through the Investor Relations section of the EVEP web site at http://www.evenergypartners.com .

EV Energy Partners, L.P., is a master limited partnership engaged in acquiring, producing and developing oil and gas properties. More information about EVEP is available on the internet at http:// www.evenergypartners.com .

(code #: EVEP/G)

This press release may include "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by EVEP based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of EVEP, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements.