Jul. 25--A recession combined with a sharp pullback in conventional onshore natural gas drilling has opened up plenty of acquisition opportunities for a Houston-based partnership seeking more old, seemingly worn-out natural gas properties.

EnerVest, parent company of EV Energy Partners, a master limited partnership that buys, produces and develops onshore oil and gas properties, has bought $214 million in properties this month. The deals add 400,000 acres to its current positions in New Mexico's San Juan Basin and the Austin Chalk in Central Texas.

The combined properties produce 45 million cubic feet per day.

John Walker, chairman and CEO of EV Energy Partners, said the deals involve largely marginal conventional natural gas properties, meaning they are low, steady producers.

But technological advances allow the company to squeeze more gas from wells once considered nearly depleted, so properties deemed expendable by some are attractive to others, he said.

"This is our best kind of market," Walker said.

The largest of the deals was $98.4 million for San Juan properties owned by a subsidiary of CDX Gas, a Houston-based independent gas company that sought bankruptcy protection late last year.

EnerVest bought the Austin Chalk properties from Oklahoma City-based Chesapeake Energy for $80 million and Houston-based Marathon Oil for $35 million.

kristen.hays@chron.com

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