kkr to acquire assets from hillcorp, page-13

Bloomberg

Kohlberg Kravis Roberts & Co. said Monday it has agreed to invest up to $400 million in a new partnership with Hilcorp Energy Co. to develop energy assets in a south Texas shale region.

The private equity fund said the new venture, called Hilcorp Resources LLC, will look for oil and natural gas on 100,000 net acres in the Eagle Ford shale formation southeast of San Antonio.

Under terms of their definitive agreement, Hilcorp Energy will own 60 percent of the partnership and KKR will own the rest. Hilcorp also will contribute 100,000 net acres it owns to the venture and will manage day-to-day operations.

Both companies will contribute capital, KKR said.
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Nothing to do with our acreage.