EV Energy Partners Announces Agreement To Divest Its Interest in Cardinal Gas Services

EV Energy Partners, L.P.

today announced it has signed an agreement to divest its nine percent interest in Cardinal Gas Services, L.L.C., (CGS) to E1 and a Korean consortium led by Samchully for $162 million, which includes estimated purchase price adjustments of approximately $18 million. This sale is being made in conjunction with TOTAL E&P USA, INC., which has also agreed to divest its 25 percent interest in CGS. The transaction is expected to close in mid-October 2014 and is subject to regulatory approval, tag-along rights and approval of the other member of CGS, as well as customary closing conditions and purchase price adjustments. Upon closing, EVEP intends to use the net proceeds of the disposition to repay amounts outstanding under its revolving credit facility. Availability under the revolving credit facility may be used to fund future activities, including acquisitions of oil and natural gas properties.