EnerVest was originally created in 1992 and the purpose of EnerVest was to raise private equity and to acquire assets. Basically it's a flip-that-house model; acquire assets, develop them, fix them up, enhance them, and then sell them. We had a great track record of doing that. We've generated, on the private equity side, annualized returns of around 35% on our closed fund.But one thing we wanted to do is we wanted to have more staying power. We would tend to buy ourselves in assets, generate good returns, and then sell out basins. And when you do that you lose a lot of your expertise, you lose a lot of your leverage with service providers and others in those basins. And so, we created EVEP as more of a long-term play in some of these basins.
EV Energy's Management Presents At Citi 2011 North American Credit Conference (Transcript)
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