EV Energy Partners, a master limited partnership based in Houston, Texas, filed for bankruptcy in the District Court of Delaware in April. Two days ago, it was reported that EV Energy emerged from Chapter 11 bankruptcy, and has changed its name to Harvest Oil & Gas. EV Energy was an affiliate of Houston private equity firm EnerVest, and both struggled over the past few years during the downturn in oil prices. EV Energy engaged in acquiring, producing and developing oil and natural gas properties, mostly in Texas and Oklahoma but also on natural gas plays in the Appalachian Basin in the Northeast. The bankruptcy restructuring included EnerVest, Ltd. and EnerVest Operating LLC. EnerVest no longer controls Harvest, but EnerVest’s drilling and production company will continue to operate most of Harvest’s wells. According to Harvest Oil & Gas, the company wiped out $355 million in debt during its bankruptcy proceedings, which effectively eliminated the values of most of its investors.
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