Caza, of The Woodlands, Texas, was to drill an initial horizontal Wolfcamp well on the Reeves County acreage.
Enterprise will continue to serve as operator of the Panola Pipeline and own the remaining 55% interest.
The acquisition will not close until the Joliet Terminal becomes commercially operable.
The JVs are located southwest from the company's Arikaree Creek Field and Snow King project towards the town of Limon.
The transactions are expected to close in the fourth quarter of 2014 with total capital cost for the joint ventures estimated to be approximately $300 million.
In addition, Denver-based PDC announced its borrowing base increased to $700 million from $450 million following the recently completed semi-annual redetermination of its revolving credit facility.
The JV is based upon the success of the first joint venture with a Grafton affiliate.
ZaZa’s East Texas acreage holdings comprise two separate development areas, each with different operators and ownership structures.
Stratex entered a joint development agreement for roughly 35,000 leasehold acres in the Mississippi Lime.
To date, the JV has received firm capacity commitments that total 1.5 Bcf/d.
The venture includes an East Texas development agreement comprising Walker, Grimes, Madison, Trinity, and Houston counties.
Houston-based Lucas will receive $444,000 for a 50% working interest on roughly 400 acres.
|Mid||USD 7700||Members only||Atlas Energy Inc.|
|Mid||USD 670||Members only||Valero Energy Corp.|
|E&P||USD 0||Members only||Undisclosed|
|Mid||USD 0||Members only||Legion Terminals LLC|