BKV Corporation closed its $370 million purchase of Bedrock Energy Partners' Barnett shale asset, which includes 97,000 net acres and 108 MMcfed of production. The acquisition positions BKV as the Barnett shale's largest natural gas producer, with growth in its drilling and refracturing inventory.
Acquired assets include 1,121 low-decline rate production sites and about 800 Bcfe of proved reserves. The midstream infrastructure package also contains midstream infrastructure that brings BKV operating synergies onto its existing acreage. The transaction adds about 50 new drilling locations and 80 refrac candidates with about break-evens that contribute to BKV's portfolio.
This combination strengthens our Barnett leadership and our basin-focused growth strategy in basins where we have installed infrastructure and operating experience," said Chris Kalnin, BKV CEO.
The transaction is one of the ongoing consolidation of U.S. shale gas properties, particularly in developed basins like the Barnett, where scale and productivity are critical to long-term growth.