Covey Park inks $420 million deal for Louisiana shale gas acreage

March 23, 2016 8:57 PM

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Private equity-backed Covey Park Energy LLC said on Wednesday it bought shale natural gas acreage in Louisiana for $420 million from EP Energy Corp (EPE.N), the latest in a slow trickle of land deals across the energy space.

Covey, which is funded by Denham Capital, bought 52,933 gross acres in the Haynesville and Bossier shales. The land produced about 113 million cubic feet per day in the fourth quarter. Covey said it aims to increase that to 200 million cubic feet per day.

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